Nassimi Realty And HPNY Secure $5 Million Refinance Loan From First Commercial Bank In Cleveland

The property asset involved is a retail space located at 5062 Turney Road in Cleveland, OH. It encompasses a total square footage of 190,000. The loan amount secured for the asset is $5,000,000 for refinancing purposes, structured under specific terms including a 75% loan-to-value ratio and a debt service coverage ratio of 1.15. The loan features no deposit requirements along with flexible prepayment options and a 0.25% bank fee.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $5,000,000
• Lender: First Commercial Bank
• Landlord: Mike Nassimi - Nassimi Realty & Ivan Hakimian - HPNY
• Broker: Simon Dilmanian - ARD Capital Group
• Loan Type: Refinance
• Loan Terms: 75% LTV, 1.15 DSCR, no deposit requirements, 2-2-1-1-1 prepayment, 0.25% bank fee

Simon Dilmanian of ARD Capital Group negotiated the loan terms on behalf of clients Nassimi Realty and HPNY, achieving a timely closing despite tenant transitions and a challenging market. ARD Capital Group has recently secured bank loans with competitive interest rates for various property types, showcasing their capability in offering strong loan terms in Ohio and other states.