Maverick Commercial Mortgage Closes $14M Loan for Evanston MF
Maverick Commercial Mortgage, Inc. closed a $13.55 million ground-up stretch senior construction loan provided by a Midwest-based debt fund for the owner and developer of a to-be-built 30-unit multifamily apartment building in Evanston, Illinois.
The borrower acquired the site, previously a parking lot, in 2024. The borrower upzoned and permitted the property over the last two years. The stretch senior construction loan proceeds will fund the construction of the building at a higher-than-market loan-to-cost. Construction of the building is expected to be completed by 2027.
The property, located just four blocks West of Northwestern University, will comprise several standard multifamily apartment rentals, as well as affordable units. The borrower will self-perform the construction of the building.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
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80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout