Dealmaker: Cohen Financial Secures $14.3M for Office, Multifamily Assets

Cohen Financial, Chicago, secured $14.3 million in acquisition, redevelopment and construction financing for two office and multifamily properties.

In Schaumburg, Ill., Cohen Financial Managing Director Dan Rosenberg and Vice President Matt Terpstra procured $8 million in acquisition and redevelopment financing for 1933 N. Meacham Road. The property, a 142,000-square-foot seven-story office building, is close to the new Zurich North America insurance company headquarters and the Schaumburg Convention Center.

Rosenberg and Terpstra secured a five-year floating-rate loan from First Midwest Bank, Chicago., for borrower Integris Ventures, St. Louis, Mo.

Integris Ventures Vice President David Tomlinson said his firm plans to reovate the property, which has seen very little leasing activity over the past decade. “We are also excited to be a part of Schaumburg’s office market resurgence, especially in the areas surrounding the former Motorola campus,” he said.

Cohen Financial also closed a $6.3 million construction loan to develop the Werner Apartments in Seattle’s Interbay neighborhood. The 24,200-square-foot Class A multifamily property includes 59 studio apartments and ground-floor commercial space. Construction will begin next month with completion scheduled for fall 2018.

Peter Norrie, Managing Director of Cohen Financial’s Portland, Ore. office, arranged the 20-month construction loan representing 85 percent of construction cost and 65 percent of estimated value upon completion. A southwest Washington credit union provided the loan, which closed on April 27. 

“This was a very competitive loan in terms of leverage for the Seattle-based developer,” Norrie said. “Banks are in the 65 percent loan-to-cost range for multifamily construction loans and are getting more conservative given the number of new projects in lease-up, under construction or to-be-built at the present time. None of the banks want to be at the end of the curve 12 to 24 months from now.”

SunTrust Bank, Atlanta, acquired Cohen Financial in December.