Hach of Leviathan Capital arranges $4.1 million permanent loan

New York, NY Leviathan Capital closed a $4.1 million permanent loan secured by a multi-parcel retail center.

This transaction presented several technical challenges that required a tailored approach. The existing CMBS loan had reached maturity and was accruing interest at a default rate of 24%. Additionally, one of the three tax lots was non-conforming due to a Temporary Certificate of Occupancy (TCO) that had expired 18 years prior.

Despite these factors, Joe Hach worked with lender and borrower and secured a 6.50% fixed-rate loan. The deal was structured with a post-closing undertaking, providing the borrower the necessary time to obtain a new C/O while locking in long-term financing.