Lev Brokers Secure $2.3 Million Loan for Durham, NC Townhomes

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Aug 09, 2022, 09:00 ET

In a rising rate environment, Lev secured the best available funding at an unbeatable speed.

NEW YORK, Aug. 9, 2022 /PRNewswire/ -- Lev, the commercial real estate (CRE) financing platform, today announced the completion of a $2.3 million loan for a Durham, NC multifamily property. The loan, structured by Lev's Tyler Maffie, Matt Rubin and Lizzy Schlesigner, closed at a quick rate due to Lev's unprecedented matching technology, which uses AI to pair borrowers with financing that meets their needs.

The property was purchased by a small family office real estate investment company based in New York City currently focused on expanding its presence in North Carolina and Texas. The transitional acquisition deal was acquired by the borrower to perform light renovations, increase market rents and stabilize, with a bank route allowing the borrower an 18-month IO period for renovations, converting later to fixed rate permanent financing.

While the borrower has existing CRE relationships within North Carolina, Lev empowered a close that would not have been possible to achieve elsewhere in the current rising rate environment as many lenders are shying away from competitive terms.

"I'm excited that we're able to continue exceeding the expectations of both borrowers and lenders in these processes," said Yaakov Zar, CEO and Co-Founder of Lev. "Our technology is expediting the loan closure process for multifamily properties like these, even for borrowers with preexisting relationships in their areas."

The 1.97 acre property hosts 19 townhomes in Durham, North Carolina. As the multifamily market remains competitive, Lev is a beacon in the market for competitive rates and quick loan closures.

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