Maverick Gets $12M for 1.2M SF Industrial

EVANSVILLE, IN—The Midwest has many towns filled with abandoned industrial sites that once anchored their economies. Evansville, Indiana seemed set to join them when the Whirlpool Corp. left its 1.2-million-square-foot manufacturing facility here in 2010. But local developer Ben Kunkel saw something in the WWII-era structure and bought it for less that $3 million in 2011. Since then he has leased over 1-million-square-feet of space.

Kunkel converted the hulking, single-tenant building into a multi-tenant industrial complex with the following tenant roster:

• GAF Roofing

• SRG Automotive

• Sugar Steel

• Flanders Electric

• Cross Point Polymer Technologies

• Park 41 Logistics

• The Kunkel Group

And Benjamin L. Kadish, president of Maverick Commercial Mortgage, Inc. says his firm funded a $12,000,000 loan on the property, providing the acquisition financing for the purchase and mezzanine financing for the tenant improvements and conversion to a multi-tenant property. Improvements included demising walls, offices, new entrances, new truck docks, trailer docks, overhead doors and a good deal of demolition and scrapping of the old interior. The property has new utilities including modern green technology for lighting and HVAC.