Lev Brokers Secure $11.7 Million Bridge Refinance Deal for Houston Multifamily Apartment Complex

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Jun 08, 2022, 09:00 ET

In a competitive market for multifamily properties, Lev moved quickly to secure the best financing in the market, enabling a seamless transaction

NEW YORK, June 8, 2022 /PRNewswire/ -- Lev, the commercial real estate (CRE) financing platform, today announced the closing of a bridge refinance loan for a 289,000 square foot multifamily property in Houston, TX. The loan is structured as a floating rate, three-year, interest-only debt package. The Property, purchased in December 2020 by Claridge Properties, based in Los Angeles, is encumbered by a Land Use Restrictive Agreement (LURA), which restricts leasing to families who meet certain income requirements. With Lev's vast experience and hands-on approach, the deal closed quickly at attractive terms for the Borrower.

The multifamily apartment complex made up of 292 units was purchased by Ricardo C. Pagan, Founder and CEO of Claridge Properties–one of the most reputable development companies in the real estate industry. Lev secured funding that recouped nearly all of the Borrower's cost basis based on the strength of the projected market, rent growth, the Borrower's hands-on managerial approach, and Lev's strong lender relationships.

According to Pagan, "Working with Lev was professional, fast and straightforward. I couldn't have asked for a better outcome."

"Each time we close a deal that achieves our sponsor's goals, I'm extremely proud," said Yaakov Zar, CEO and founder of Lev. "We've built Lev to do just that–make transactions fast and seamless, even when there are unexpected barriers. Our expertise combined with our technology made this a quick and painless close."

Using its vast network of 5,000+ commercial real estate lenders, Lev provides borrowers with leverage in the market as it combines proprietary AI technology and deep industry expertise to bring speed and transparency to CRE financing. Working with Lev's Justin Piasecki, Richard Sutton and Max Lipner, this most recent deal closed in a high-growth market.

Located in Houston, TX, the multifamily property has undergone substantial renovations and cosmetic upgrades since its purchase, including significant updates to the interior and exterior. Based on the LURA, the Property is projected to yield 28% upside in rental rates over the next two years.

About Claridge

Claridge Properties was founded in 1999 by real estate investor and developer Ricardo C. Pagan. Through his leadership, Claridge has developed everything from a four-acre site on the Greenpoint Brooklyn waterfront, to other major market-leading transformative projects in cities such as Detroit and its home base of Los Angeles. With a national portfolio of over four million square feet and thousands of units under management, Claridge has always provided value in the form of robust amenities, safer communities and impact to the residents and communities we serve. For more information, visit claridgeproperty.com.

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 billion in CRE mortgages in 2021, 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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