Maverick Commercial Mortgage Arranges $63.2M in Permanent Financing for Mobile Home Park in Bourbonnais, Illinois
BOURBONNAIS, ILL. — Maverick Commercial Mortgage Inc. has arranged $63.2 million in permanent financing for Tri-Star Estates, a mobile home park in Bourbonnais, about 50 miles south of Chicago. The property, which consists of 853 pad sites across 157 acres, was developed in three phases beginning in 1965. The current owner acquired Tri-Star in April 2012 when 380 homes were occupied. Today, 810 homes are occupied. Amenities include a basketball court, three playgrounds and a 7,500-square-foot clubhouse with a pool and fitness center. PGIM Real Estate provided the Freddie Mac loan. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, provided cash to the borrower and paid for closing costs.