Maynard at Elaine
|Deal Type||Fannie Mae|
The transaction includes a $43,100,000 ($236,813/unit) non-recourse, first mortgage loan secured by a portfolio of nine multifamily buildings and two parking spaces, called the “Maynard at Elaine”, located at Chicago, IL. Most of the buildings are non-contiguous. The two parking lots, comprising 101 spaces, are adjacent to two of the nine buildings and are designated for the property’s tenants only. Although scattered, all nine buildings operate as one and are managed by the same borrower-related management company. The sponsor purchased the property in 2015 for $50.5MM, and the proposed loan will be used to refinance the existing debt. After acquisition, the sponsor has completed approximately $9.2MM in capital improvements at the property. The sponsor is participating in Fannie Green Rewards program, based on energy and/or water/sewer conservation improvements completed within 12 months of loan closing. The loan is structured with a 10-year term, with an initial 48-month interest-only period, followed by a 30-year amortization schedule.