The borrower, who is also the CEO of MSC-Touch, owns a licensed rehabilitation facility that assists recovering addicts and felons re-entering society. The non-profit agency has operated for 11 years, and has three other locations/facilities. The borrower intends to purchase this existing Class B office building with new occupancy. They have received over $7M in grants and state/federal funding to date, and will continue to receive this funding in the future. Huntington Bank referred the transaction, but is unable to finance the building until it is occupied by the Borrower.
They will provide the take-out loan in 4-6 months after operations are up and stable. There are two new leases for the building, including Ohio Addiction Management ($84,000/yr) and MCS Touch ($108,000/yr). These deals are underwritten by the state and grant foundations. The high visibility building is located in a high commercial traffic area surrounded by residential areas with supporting values.