Newtek Bank Provides $8.2 Million Refinance Loan For Office Asset In Cleveland, OH
6200 Oak Tree Boulevard
$8,200,000
$45/SF
Building Size
180,866 SF
Asset Type
Office
Closing
Dec 23, 2024
About this deal
AI
The property asset involved in this transaction is an office building located at 6200 Oak Tree Boulevard, Cleveland, OH. The building encompasses a total square footage of 180,866. The transaction involved a loan amount of $8,200,000 and is classified as a refinance.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,200,000
- Loan Type: Refinance
- Loan Terms: 5 year term, fixed at 7.50%
- Lender: Newtek Bank
- Broker: Elliott Birnbaum - Meridian Capital Group
This refinance transaction was facilitated by Elliott Birnbaum, representing Meridian Capital Group, who acted as the broker in the deal. The involvement of Newtek Bank as the lender is also a key component in this transaction process.
On the Map
$8,200,000
$45/SF
Office
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Players
Independence Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.93%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93