Dealmaker: Cohen Financial Arranges $32M for Office, Retail Assets

Cohen Financial, Chicago, arranged an $18.9 million short-term bridge loan for 400 Skokie, a Northbrook, Ill. office building. 

A Chicago-based bank supplied the financing. The transaction closed on December 29.

Cohen Financial Managing Director Michael Hart arranged the financing for Ameritus, Chicago. “This is a value-add investment for our client who will use the bridge loan to upgrade the base building and common areas and to reposition 400 Skokie,” Hart said. He noted the property contains both Class A and Class B space. “Northbrook’s Class A office buildings are all currently more than 90 percent leased,” he said. “Tenants that want to expand have few alternatives at 400 Skokie’s rental price point.”

Hart said the 195,000-square-foot multi-tenant office complex is currently 75 percent leased.

In November Cohen Financial Managing Director Dan Rosenberg and Vice President Matt Terpstra secured $13 million for Towne Center, a 108,000 square foot retail center in Murfreesboro, Tenn. A TJ Maxx store anchors the center, which is shadow-anchored by Lowe’s and Target.

Rosenberg and Vice President Matt Terpstra secured a Morgan Stanley fixed-rate loan for borrower Integris, St. Louis, Mo.

“This is a very attractive, stabilized retail center located southeast of Nashville in the 13th-fastest-growing city in the U.S.,” said Rosenberg. “Many lenders were interested in this transaction due to Towne Center’s strong location, anchor and the market’s outstanding demographics.”