Finance O Indiana

Maverick closes $7 million bridge loan for offices near Purdue University

Maverick closes $7 million bridge loan for offices near Purdue University,ph01

Maverick Commercial Mortgage closed a $7.075 million bridge loan for the International Technology Center in West Lafayette, Indiana.

The anchor tenant of the office building, which features 75,099 square feet of space at 1330 Win Hentschel Blvd., is Parkwest Fitness. Space in the building that is now being used as a basketball court will be converted to new office space.

The initial funding paid for the refinancing of existing debt on the building and closing costs. The rest of the funding will be used to cover construction costs, tenant improvements and leasing commission costs.

The three-year loan features a 75 percent loan-to-value ratio. Maverick Commercial’s Benjamin Kadish arranged the loan.