Maverick Commercial Mortgage Arranges $7M Bridge Loan for Office Property in Indiana

by Kristin Harlow

WEST LAFAYETTE, IND. — Maverick Commercial Mortgage has arranged a $7 million bridge loan for the International Technology Center in West Lafayette. The anchor tenant of the 75,099-square-foot office building is Parkwest Fitness. Space currently used as a basketball court at the property will be converted into additional office space. A national lender provided the nonrecourse loan. The initial funding paid for the refinancing of existing debt on the property and closing costs. Remaining funding will be used for construction costs, tenant improvement costs and leasing commission costs related to the conversion of the gym to office space. The three-year loan features a 75 percent loan-to-value ratio.

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