Cohen Financial Secures $49M for Multifamily, Retail
Cohen Financial, Chicago, arranged $49.2 million for multifamily and retail assets in Illinois, Oregon and Kentucky.
In Chicago’s Gold Coast neighborhood, Cohen Financial Managing Director Michael Hart closed a $19 million loan with a local bank that refinanced 70 E. Walton. The 50,000-square-foot building includes 15,000 square feet of retail space on the first through third floors in addition to it 25 rental units. The property is adjacent to the city’s upscale Magnificent Mile shopping corridor along Michigan Avenue.
Hart arranged a seven-year fixed-rate loan for the private investor sponsor. The loan closed on January 14.
In Aloha, Ore. near Portland, Cohen Financial Managing Director Peter Norrie secured a $12 million 15-year Fannie Mae loan to refinance The Masters Apartments. The 1996-vintage 144-unit property was fully occupied at closing.
“The [Portland-area] suburban garden apartment markets continue to perform strongly and rent levels are more affordable than multifamily projects located close to the city,” Norrie said. “Rent growth and occupancy rates remain positive for suburban landlords. Obviously, the lack of land to build additional suburban apartments is a plus as well.”
Cohen Financial Managing Director Dan Rosenberg and Vice President Matt Terpstra secured $18.2 million in acquisition financing for the newly constructed Hopkinsville Town Center in Hopkinsville, Ky. near the Fort Campbell U.S. Army installation. Goldman Sachs, New York, provided the financing.
A Hobby Lobby arts and crafts store anchors the 185,000-square-foot neighborhood retail center, which also houses T.J. Maxx, Ross Dress for Less and Five Below stores.
“This brand-new retail property with long-term leases is well positioned with great traffic flow in the primary retail corridor in Hopkinsville,” Rosenberg said.
