Dealmaker: Cohen Financial Secures $145M in Miami, Chicago

Cohen Financial, Chicago, secured a $110 million construction loan and preferred equity investment for Property Markets Group, New York, to develop Miami multifamily property 300 Biscayne. 

Eric McGlynn, Kevin O’Grady and Daniel Sheehan of Cohen Financial’s Miami office secured an $80 million construction loan from Centennial Bank, Conway, Ark., in conjunction with a $30 million preferred equity investment from Square Mile Capital LLC, New York. SRF Ventures President Steven Fischler helped secure the financing.

Property Markets Group will develop the 464-unit multifamily project at 243 Northeast 3rd Street, directly across from downtown Miami’s Bayside Marketplace.

“Construction financing has become more scarce over the last year, with a majority of available capital going to projects such as 300 Biscayne, which has an urban infill location, is differentiated from its peers and has strong sponsorship,” McGlynn said. “By combining preferred equity with the senior construction loan, we secured a fully nonrecourse structure at optimal leverage for PMG to continue to expand its South Florida presence.”

McGlynn said 300 Biscayne represents Property Markets Group’s first south Florida rental development and will feature studios, one bedrooms and New York-style junior fours along with two- and three-bedroom residences.

In greater Chicago, Cohen Financial Managing Director Dan Rosenberg closed $35.9 million in acquisition loans for three multifamily properties.

Rosenberg secured three fixed-rate 10-year loans with 30-year amortization through Morgan Stanley’s commercial mortgage-backed securities program for borrower Ferndale Realty Group, Chicago.

In Park Forest, Ill., Rosenberg secured $19.8 million for Autumn Ridge Apartments, a 384-unit property, and $11.4 million for 220-unit Central Park Apartments. He also secured $4.725 million for Governors House Apartments, a 96-unit property in University Park, Ill.