Finance N Illinois
Michael Utterback;SomerCor

SomerCor welcomes new VP, celebrates four key promotions

Chicago-based SomerCor, a Small Business Administration (SBA) Certified Development Company (CDC), has hired Michael Utterback as vice president, loan origination. In addition, the firm promoted Savannah Allen to economic development coordinator, Debra Morack to senior vice president and managing director of closing, David Sommers to executive vice president and chief credit officer and Anastasia Williams to vice president, 7(a) community advantage loan program.

Finance Midwest

Money360 enters $150 million repurchase facility with JPMorgan Chase

Money360, a technology-enabled direct lender specializing in commercial real estate loans, today announced that it has entered an agreement for a $150 million master repurchase facility with JPMorgan Chase Bank, N.A. (the “facility”), which it will use to finance commercial mortgage loan originations. The facility has a two-year term and permits advancement of up to 75 percent of commercial mortgage assets.

Finance N Illinois
Marina Crossings, the largest speculative industrial project in the city of Chicago in over a century.

Navigating the changing tides of CRE financing

In today’s world of commercial real estate finance, there is a vast ocean of cash available to fill a capital stack. The financing world has evolved in the post-recession years with alternative lenders emerging to fill the void left by bank consolidation, a decline in worldwide commercial mortgage backed securities (CMBS) issuance and a general decrease in risk appetite.

Finance N Illinois
Maverick Commercial Mortgage consulted on $93.8M River City deconversion sale

Maverick Commercial Mortgage consulted on $93.8M River City deconversion sale

Benjamin L. Kadish of Maverick Commercial Mortgage announced the closing of the financing for the $93,835,000 first mortgage loan for River City located at 800 S. Wells Street in Chicago. River City is a condominium building that the borrowing entity will deconvert into an apartment building. The complex process from the initial offer to closing all 447 units took more than three years.