CHICAGO — Maverick Commercial Mortgage Inc. has arranged $75.5 million in first mortgage debt and mezzanine financing for a mixed-use project located at 1400-1460 North Halsted in Chicago. A limited liability company sponsored by Structured Development was the borrower. In 2007, Structured Development developed the project, which encompasses an entire city block in the Clybourn Corridor. The project includes educational, retail, medical office and parking uses within the development. The project is 94 percent occupied with a variety of tenants including British Schools of Chicago, Advocate Health Centers, Northwestern Memorial Hospital, Diamond Headache Center, Town & Country Pediatrics, Pine Dental and REI. Deutsche Bank and Prime Finance provided the financing. The five-year, fixed-rate loan and additional capital allowed for Structured Development to refinance and recapitalize the project and buy out the former equity partner in the transaction. New York-based Kaye Scholer represented Deutsche Bank and Prime Finance in the transaction. Attorneys from Kaye Scholer included Aaron Lehrfield, Jeannie Bionda, Michael Dougherty and Christine O’Connell. Kathryn K. Arnold of Shefsky & Froelich represented the borrowers. Mid-America Real Estate Corp handles the leasing and management for Structured Development.
74