Ohio Office Refinance
This is a prefunded refinance opportunity for a Single-Tenant Office property in Ohio. The subject property address is 2265 East Enterprise Parkway, Twinsburg, Ohio.
The developer is requesting a loan of $930,000 in order to refinance the underlying property. The borrower will receive 1 draw totaling $906,750 at closing of the underlying loan. The borrower plans to sell within one year.
- As-Is Value: $1,560,000
An independent third party appraisal shows an LTV of $1,560,000 for 2265 East Enterprise Parkway. The LTV ratio is 59.62% and is in line with the data we found during our due diligence process. Our research shows the commercial market surrounding the underlying property in this area of Twinsburg is stable and supply and demand are in balance. The Net Operating Income is $125,002 and the Debt Service Coverage Ratio is 1.28. There is a long term tenant with a seven year lease that began in June 2012. The tenant is a strong company that was founded in 1995 with multiple offices throughout the US.
2265 East Enterprise Parkway was built in 1988, located in the metropolitan neighborhood of Twinsburg, Ohio. The property is a commercial tenant office, with a net rentable area of 16,320 sq. ft. on a 74,832 sq. ft. lot. The property is near Liberty Park, country clubs, public amenities, shopping centers, and recreation.