Dealmaker: Cohen Financial Closes Deals in California, Michigan

Cohen Financial, Chicago, facilitated a $30.6 million joint venture between Broe Real Estate Group and Citivest Commercial to acquire San Francisco’s Oceanview Village Shopping Center.

Broe and operating partner Citivest will reposition the 99,000-square-foot center, part of a mixed-use development with 370 condominium units. Cohen Financial Managing Director Mark Strauss said the repositioning plan includes upgrades to the facade, new landscaping, entrance lighting, a new signage program and enhancing the tenant mix. The property’s current tenants include Albertsons, Walgreens, 24-Hour Fitness and Chase Bank.

In Ypsilanti, Mich., Cohen Financial Partner and Managing Director Cathy Bronkema arranged $4.5 million to refinance Blue Heron Pointe Apartments, a 64-unit Class A property seven miles south of Ann Arbor.

Bronkema secured the 25-year, non-recourse, fixed-rate loan with a life Insurance company. She called the sponsor a well-established condominium, residential and commercial property developer who operates throughout the Detroit area. 

“My client wanted to take advantage of the current low interest rates and lock in a long-term, fully amortizing permanent loan to take out the construction loan,” Bronkema said. “The Michigan market continues to attract life insurance company lenders as well as a variety of other types of lenders to the market.”

Bronkema noted a steady increase in financing options in the Detroit area and across Michigan. “CRE fundamentals are very strong and continue to grow,” she said.