GRAND RAPIDS, MI-Cohen Financial has arranged $21.5 million in loans for the acquisition of three properties in western Michigan.
Franklin Partners LLC, based in Chicago, used a $10 million loan to buy the 12-story Comerica Building at 99 Monroe Avenue in the downtown here. In two other transactions for out-of-state buyers, Cohen arranged a $5 million loan for the Ramada Plaza Hotel at 3333 28th Street in Kentwood, Mich. and a $6.5 million refinance loan for a Home Depot ground lease in Midland, Mich.
Cathy Bronkema, partner and executive vice president with Cohen arranged the loans. “The commercial real estate market in Michigan continues to trend upwards and lenders have a growing appetite to finance more properties in this region,” she said in a statement. “In 2013, I expect the positive momentum to continue in the Michigan commercial real estate market and a continuation of attractive financing available for all property types."