—Cohen Financial has secured more than $15 million to refinance several properties in Chicago.
The company secured a total of $8.753 million to refinance two apartment properties in Chicago. The first property, located at 1166 N. Milwaukee Street, contains 36 units; the second is located at 3001 N. Spaulding Avenue and contains 24 units. Both properties are currently fully occupied.
Michael Wieden, vice president of Cohen Financial’s Chicago office, secured two 10-year, fixed-rate loans and originated the transactions with PNC Real Estate Finance, a Fannie Mae DUS lender. The borrower is David L. Ruttenberg of Marc Realty Residential, a local commercial real estate distressed property investor.
“We have been working with Mike Wieden and Cohen Financial for several years and are working on a number of additional transactions with him,” said Ruttenberg. “In addition to helping with global and portfolio strategy, Mike's attention to detail, his personal touch and control of the lender relationship is unparalleled.”
In addition, the firm secured a $7 million refinancing for a fully occupied, mixed-use office property with ground floor restaurant space located at 400 N. State Street. The retail space is anchored by Public House, a sports bar and restaurant.
Wieden also secured thefor this property, which spans 10 years with fixed-rate financing. A CMBS lender funded the transaction. The borrower is a local commercial real estate investor.