Dealmaker: Cohen Financial Secures $48M for Condo, Retail Properties
Cohen Financial, Chicago, secured $32 million equity and debt financing for Elysee, a 57-story waterfront condominium in Miami’s Edgewater neighborhood.
When completed, Elysee will include 100 units ranging from 2,660 to 4,000 square feet.
Cohen Senior Managing Director Kevin O’Grady, who leads the company’s equity placement practice, and Director Matt Grant secured the loan for Two Roads Development, West Palm Beach, Fla. Hedge fund manager DW Partners LP, New York, supplied the funds.
“This financing enabled Two Roads to hold the contract for Elysee in place while conducting significant pre-sale activities,” O’Grady said. He noted that strong pre-sales indicate that Elysee will succeed. “Also, because the building offers such large units, it is attracting buyers who want to make Elysee their primary residence.”
O’Grady said Elysee development will take place this quarter. “We are still seeing strong demand for condominiums in Miami and are very optimistic for the continued development of properties close to the water and to downtown Miami,” he said.
Cohen Financial also closed three fixed-rate, 10-year commercial mortgage-backed securities loans totaling $16.8 million for three retail properties in Michigan and the Southeast.
Cohen Financial Managing Director Dan Rosenberg secured $6.5 million for Chesterfield Square Shopping Center, a 67,000-square-foot retail center in Chesterfield Township, Mich. Citigroup Global Markets supplied the loan for The Integris Ventures affiliate borrower.
Rosenberg also secured $6.1 million for McMinn Plaza in Athens, Tenn. and $4.2 million for Clayton Village in Clayton, N.C. Goldman Sachs supplied both loans for Midland Atlantic Properties.
An Ingles grocery store anchors the 107,000-square-foot McMinn Plaza shopping center. Clayton Village, a 63,000 square foot center, is anchored by Food Lion.
