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Eastside Flagship Apartment Complex Financed By Pinnacle

October 6th, 2014

Pinnacle Financial Group, Inc. is pleased to announce that it recently completed the financing of an eastside flagship apartment in Lyndhurst, Ohio. The 290 unit 1969 vintage complex has been renovated over the past 24 months. Prior to that renovation, the project suffered two significantly casualties. First was a fire in the north building in March, 2012 and then October 2012 the south building suffered significant roof and water damage due to Superstorm Sandy. Because of these two casualties, the property did not have a stabilized trailing 12 or 24 month history prior to the refinance. Notwithstanding those challenges, Pinnacle was able to arrange a permanent fixed rate loan for the property by fixing the interest rate and loan application and funding six months later.

Financing arranged for $17.8 million retail center acquisition by Pinnacle Financial Group, Inc

December 19th, 2013

Pinnacle Financial Group, Inc. recently arranged financing for a $17.8 million retail center acquisition for LDK North Olmsted, LLC, a McLean, VA based real estate investment company.

Cleveland, OH – Pinnacle Financial Group, Inc. (“Pinnacle”) is pleased to announce it recently arranged financing for a $17.8 million acquisition of a retail center totaling 95,446 square feet, shadow anchored by Target, in North Olmsted, OH. Tenants include: La-Z-Boy Galleries, Party City, David’s Bridal, Men’s Warehouse, The Tile Shop, Gamestop and Pearle Vision, along with several locally owned small shops.

Pinnacle worked exclusively on behalf of LDK North Olmsted, LLC to secure the 10-year, fixed rate, non-recourse loan through a CMBS lender. The loan featured one year of interest only and a loan to purchase price of 76%.

“Pinnacle and the lender were cooperative with the conditions of a very complex acquisition. The due diligence to close the loan was properly dealt with in every respect” stated Lakshmi Desai, owner of LDK North Olmsted, LLC.

Since 1986, Ms. Desai primarily developed single family residential homes in the Washington D.C. area. She also currently owns and maintains a portfolio of single tenant commercial properties throughout the country.

Pinnacle was formed in 1990 and…

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