$17.5 Million Construction-to-Permanent Financing Secured by Lev Brokers in Chesterfield, Michigan

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Jul 28, 2022, 09:00 ET

At 90% loan to cost, Lev's construction to permanent financing package will enable the client to finance almost every step of the project

NEW YORK, July 28, 2022 /PRNewswire/ -- Lev, the commercial real estate (CRE) financing platform, today announced the completion of a $17.5 million construction-to-permanent loan for a speculative industrial property located in Chesterfield, MI. The loan, structured by Lev's Justin Piasecki, Richard Sutton, and Max Lipner, closed at an extremely attractive rate thanks to Lev's vast network, industry expertise, and proprietary AI technology.

The property was financed at a competitive interest rate compared to general market conditions, enabling the Borrower, a partnership controlled by Burton-Katzman, to finance the vast majority of the costs associated with the project. Upon construction completion, the property will encompass approximately 180,000 square feet of high demand industrial space.

The property was purchased, and is being constructed, through a partnership controlled by Burton-Katzman. Dominion Realty Services is serving as the developer and the property is being marketed by Dominion Real Estate Advisors. The development project is spearheaded by Burton-Katzman's Peter Burton, Kris Korvun and Conrad Schewe, along with Dominion's COO and CFO Andy Boyce. The construction-to-permanent financing package allows the firm to lock in the interest rate at the outset of the deal to minimize interest rate risk.

According to Boyce, "Lev did a great job providing us with lending and equity options to build our 180,000 sq ft speculative industrial building in Chesterfield, MI. We wouldn't have been able to secure this funding without the diligence and professionalism from their entire engagement team."

"The funding we were able to secure for Burton-Katzman and Dominion's project is a testament to Lev's process, team and technology,'' said Justin Piasecki, Managing Partner, Lev. "I'm excited that we were able to help our clients finance the project and we're eager to see what the property becomes."

About Dominion Realty Services & Real Estate Advisors

Dominion Realty Services & Real Estate Advisors is a full service commercial real estate firm based in metro-Detroit and recognized nationally as a leading provider of professional real estate services. Consisting of a property portfolio totaling more than 7 million square feet, Dominion brings decades of experience and expertise in property and asset management, transactional brokerage and real estate advisory, receiverships, construction management, design and development. Our team brings creative solutions and professional services to our clients, creating long-lasting relationships while maximizing asset value through knowledge, innovation, process, and collaboration.

About Burton-Katzman

Burton-Katzman is a leading acquirer, developer, owner and manager of diverse commercial and residential properties on a national scale. The foundation of Burton-Katzman is built upon the traditions of integrity, quality and value. With the company now in its third generation, the Burton and Katzman families have influenced building trends in Southeastern Michigan and across the country since the early 1900s.

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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SOURCE Lev