Industry News

Latest News

Class A Cleveland CBD Multi-Family Complex Financed by Pinnacle

December 7th, 2015

September 1, 2015– Pinnacle Financial Group is pleased to announce that it recently completed the financing of a 59 unit Class A multi-family property in downtown Cleveland. Originally constructed as for sale condominiums the borrower acquired 59 of the 62 units residential at the property and converted to residential rental units and began renting units in late 2013. There remain three individually owned residential units and two first floor retail condominium units at the property.

Notwithstanding the fractured condo nature and the short term stabilized financial history of the property, Pinnacle was able to arrange a $10.6 million ($179,661/unit), 10 year, fixed rate, non-recourse financing for the property with one of our relationship lenders.

Veterans Affairs Health Center Fayetteville, NC Financed by Pinnacle

December 1st, 2015

Pinnacle Financial Group is pleased to announce that it recently completed the financing of a 275,000 S.F VA hospital in Fayetteville, NC. The VA Heath Care (HCC) opened November 3, 2015, providing exceptional health care to Veterans in Cumberland County and surrounding areas served by the Fayetteville VAMC. The new HCC relocates outpatient health care services from the campus of the Fayetteville, VA Medical Center and Village Green and Breezewood Primary Care Clinics. Heath care will be delivered to our Veterans through teams called Patient Aligned Care teams. Our Veterans will remain the center of their care team that includes their family members, and care givers. An estimated 66,000+ veterans receive care at this facility and the location will add roughly 630 jobs to the community.

Rustom Khouri of Carnegie Management headed up the project, saying “we were very pleased with the execution we got from CTL, Prudential and Pinnacle Financial Group on the deal. It really was a smooth transaction from rate lock to closing”. Pinnacle was able to arrange fully leveraged, long term, permanent financing on the project.