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Dealmaker: Cohen Financial Secures $22M for Retail, Multifamily Assets
Cohen Financial, Chicago, secured $21.7 million in deals in three Midwestern states.
Dan Rosenberg, Partner and Managing Director in Cohen Financial’s headquarters office, and Vice President Matt Terpstra closed a $9.425 million fixed-rate 10-year loan for Bellevue Town Center, a 75,000-square-foot retail center in Bellevue, Wis. near Green Bay. A Pick ‘n Save grocery store anchors the property and a Target store shadow-anchors it.
Rosenberg and Terpstra secured the commercial mortgage-backed securities loan from Goldman Sachs Commercial Mortgage Capital for borrower Midland Atlantic Properties, Cincinnati, Ohio. The loan closed on September 30.
Rosenberg also closed a $5.2 million acquisition loan for Barry Plaza, a 35,000-square-foot property on Pulaski Road in Chicago. He secured a 10-year fixed-rate CMBS loan from Morgan Stanley for the Kaufman Jacobs-affiliated borrower.
An AutoZone auto parts store and Chase Bank branch fully occupy Barry Plaza.
In Portage, Mich., Cohen Partner and Managing Director Cathy Bronkema arranged a $7.125 million short-term loan on Timberwood Crossing Apartments, a 254-unit community.
Bronkema secured the short-term acquisition financing to allow the sponsor, Trillium Ventures MSV, Grand Rapids, Mich., to acquire Timberwood Crossing Apartments while Cohen Financial arranges permanent financing with a HUD loan.
“HUD loans are not just for refinancing transactions,” Bronkema said. “Securing this short-term acquisition loan to acquire the asset allows me time to arrange a HUD 223(f) loan, which could take up to 12 months to fund. A HUD 223(f) loan is an attractive, long-term alternative to Fannie Mae/Freddie Mac and life company debt.”
A local bank provided the 12-month non-recourse interest-only loan, Bronkema said.