$16.7 Million Cash Out Refinance Loan Secured by Lev Brokers for TIR Equities in Birmingham, Michigan

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Aug 18, 2022, 09:00 ET

Through Lev, TIR Equities was able to capitalize on an increased appetite for manufactured housing in the U.S. posed by Fannie Mae, securing favorable loan terms

NEW YORK, Aug. 18, 2022 /PRNewswire/ -- Lev, the commercial real estate (CRE) financing platform, today announced the completion of a $16.7 million cash out refinance loan secured for TIR Equities located in Birmingham, MI. The loan, structured by Lev's Justin Piasecki, Richard Sutton, and Max Lipner, closed with significant cash out proceeds for the borrower, enabling re-investment into four existing properties and new real estate investment opportunities.

Ara Darakjian, a managing member of TIR Equities, has owned and successfully operated the four Properties located in Michigan for decades, with this newly closed transaction representing a significant milestone in his business growth trajectory. In addition, thanks to Lev's proprietary technology, TIR Equities received advantageous terms amid a challenging rising interest rate environment.

According to Mr. Darakjian, "Lev provided white glove service and coordinated the deal from start to finish, working very closely with both myself and the lender to ensure a smooth process. I'm very happy with the end result."

"The significant cash out proceeds achieved through the refinancing were a result of Mr. Darakjian's excellent asset management capabilities and knowledge of the local market, as well as Lev's expert guidance throughout a complicated loan placement and closing process," said Justin Piasecki, Managing Partner at Lev. "We're thrilled to have another quick close in the books."

Mr. Darakjian and his family have owned and operated businesses in Michigan, including real estate, jewelry, and manufacturing enterprises, for over 40 years. Being well versed in the local area, Mr. Darakjian has been instrumental in guiding family investments into real estate and efficiently manages a growing portfolio of affordable housing properties throughout Michigan. Across the U.S., Lev is proud to work with expert real estate investors like Mr. Darakjian.

About Lev

Lev is the digital commercial real estate financing platform offering fast, transparent access to capital from the world's leading financial institutions. Having closed $1.6 billion in CRE mortgages to date, Lev has grown 10x year-over-year thanks to its proprietary approach to CRE financing, including the industry's only API. Founded in 2019, Lev has raised over $200 million in funding from Parker89, Cross River Digital Ventures, NFX, StepStone Group, Canaan Partners, JLL Spark, Animo Ventures and Ludlow Ventures, among others. For more information, visit levcapital.com.

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