Dealmaker: Cohen Financial Secures $131M For Office, Multifamily
Cohen Financial, Chicago, secured $131 million for Midwestern office and multifamily assets.
Managing Director Dan Rosenberg and Vice President Matt Terpstra secured $110 million for Schaumburg Towers in Schaumburg, Ill., near Chicago. The two 21-story towers total 882,000 square feet of Class A office space.
A partnership of lenders including Prime Finance Partners and Pearlmark Real Estate Partners supplied the financing to borrower American Landmark Properties, Skokie, Ill., which used the financing to acquire the towers and plans to complete capital improvements and expand tenancy.
Cohen Financial Managing Director Cathy Bronkema also secured $21 million to refinance two multifamily assets in Michigan and Kansas.
Timberwood Crossing in Portage, Mich. received a $10.6 million 35-year fixed-rate HUD loan. The new loan refinanced the original short-term bank loan the firm had secured for the 254-unit market-rate property. The borrower was Trillium Investments.
“We arranged this HUD 223(f) loan with SunTrust to take out the acquisition loan and to execute Trillium Investments’ value-add strategy,” Bronkema said. “It’s important to note that HUD rates remain at historical lows.”
Bronkema also secured a $10.4 million Fannie Mae loan with SunTrust to refinance Oak Ridge Park Apartments in Olathe, Kan. The 15-year fixed-rate loan included a 30-year amortization schedule.
“The Fannie Mae loan we arranged for this client replaced an existing Fannie Mae loan, allowing the borrower to maximize cash flow returns by taking advantage of the lower interest rate fixed for 15 years with an interest-only period,” Bronkema said. She noted for loans closed more than four years ago, now is a good time to revisit the interest rate and term remaining on the loan “rather than wait for maturity in a few years when we will most likely enter into a much higher interest rate environment.”