197
NILES, ILL. — Maverick Commercial has arranged a $13.5 million first mortgage loan for a 360,000-square-foot industrial property in Niles. A partnership between Harley Kahn of REA Commercial Real Estate and JDI Realty was the borrower. The partnership purchased the property in spring 2018. At that time, it was 70 percent occupied. The borrowers have since increased occupancy to 92 percent. A national lender provided the nonrecourse, fixed-rate loan which has a term of 10 years, an interest rate below 4 percent and one year of interest-only payments followed by a 29-year amortization schedule. Proceeds from the loan paid off the existing lender, covered closing costs, funded real estate tax and returned equity to the borrowing entity.