Multi-tenant Office Permanent Financing Closed
513 Capital, a Cincinnati based finance intermediary, is pleased to announce the closing of a $731,000 permanent loan structure for a 21,000 gross leasable sf office building. The loan featured 4.50% fixed interest rate, a five year term, and a LIP facility for tenant improvements and leasing commissions.
The borrowers negotiated a below market acquisition price on this low occupancy property and completed a quick close with cash and a bridge loan. 513 Capital was able to secure bank financing to replace the bridge loan and add additional funds to renovate and lease up the building. The new owners have already leased the majority of the building and increased property value.
513 Capital specializes in bank, SBA, CMBS, and private commercial real estate funding.