Newtek Bank Provides $8.2 Million Refinance Loan For Office Asset In Cleveland, OH
FINANCED
$8,200,000
Office180,866 SF
Financed 12/23/2024
FINANCED
Newtek Bank Provides $8.2 Million Refinance Loan For Office Asset In Cleveland, OH
6200 Oak Tree Boulevard
See Similar DealsOffice180,866 SF
Financed 12/23/2024
Summary
OHIO
Asset Type:Office
Price Per Square Foot:$45
Total Square Footage:180,866 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,200,000.00
Monthly NOI$54,666.67
Monthly Debt Service$51,829.58
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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