Dealmaker: Cohen Financial Arranges $68M
Cohen Financial, Chicago, arranged $67.7 million for retail and hotel properties in several states.
Cohen Managing Director Dan Rosenberg and Vice President Matt Terpstra sourced a $45 million refinance loan for a six retail property portfolio. The portfolio totals 552,000 square feet across the Southeast and Midwest.
“The portfolio consists of well-positioned grocery-anchored properties with very diversified service tenant rosters,” said Rosenberg. “CRE investors realize that grocery-anchored properties are one of the steadiest asset classes in the retail market today.”
Rosenberg and Terpstra secured a 10-year fixed-rate loan from Goldman Sachs, New York. Sponsor Midland Atlantic Properties closed the transaction on December 26.
The five grocery-anchored properties include:
–Parkside Square, a 150,300-square-foot Rouses Markets-anchored property near Biloxi, Miss.;
–Maysville Marketsquare, a 145,000-square-foot Kroger-anchored property located in Maysville, Ken.;
–Pinecrest Pointe, an 89,000-square-foot Food Lion-anchored asset in Raleigh, N.C.;
–Valleydale Marketplace, a 67,850-square-foot Walmart Neighborhood Market-anchored property in Birmingham, Ala.;
–Heritage Plaza, a 24,600-square-foot Kroger-anchored property in Cincinnati.
The portfolio also included Putnam Plaza, a 75,000-square-foot Tractor Supply Co.-anchored retail center in Greencastle, Ind. southwest of Indianapolis.
Rosenberg and Terpstra also secured a $10.7 million 10-year loan from Goldman Sachs for Midland Atlantic Properties to acquire Bell Oaks Centre in Newburgh, Ind. Bell Oaks is a 95,000-square-foot asset anchored by a Schnucks grocery store.
In Michigan, Cohen Financial Managing Director Cathy Bronkema arranged a $12 million commercial mortgage-backed securities loan that refinanced a 149-unit DoubleTree by Hilton hotel in Port Huron. Borrower JB Real Estate Development Co. received a 10-year loan with a 30-year amortization schedule.
“Lenders continue to offer favorable loan terms for hospitality, whether the property is flagged or unflagged,” said Bronkema.