– Cohen Financial, a national real estate capital services firm, today announced that it has arranged the refinancing of a one story with mezzanine property that contains more than 92,000 square-feet in Northbrook, Illinois. The multi-tenant industrial flex property also features parking for 120 cars and is situated on a four acre site. The property has been consistently well leased over the years. FE Moran Company is a major tenant.
Michael Grant, Director of Cohen Financial in the Chicago office, secured the $2.425 million 15-year, fully amortized fixed-rate loan. The financing was provided by Nuveen Asset Management for whom Cohen Financial acts as a loan correspondent. The borrower is a local partnership lead by Jeff Tideman, principal of the Tideman Company. The transaction closed on August 12, 2013.
“Flex buildings are more popular among lenders than they use to be,” said Mr. Grant. “This part owner-occupied, part flex building with approximately 30 percent finished office space appeals to a select niche of tenants who are looking for office and warehouse space.”
Cohen Financial’s Loan Administration platform is servicing the transaction.
About Cohen Financial
Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, investment, loan administration and advisory services. The company was named top originator for specialty finance in the MBA 2012 Commercial Real Estate/Multifamily Finance Firms--Annual Origination Volumes report. Cohen Financial is well recognized as one of the nation's leading loan servicers and special servicers, as well as an originator of commercial and multifamily real estate financing. Known for finding innovative solutions to meet client needs, the company recently launched an Equity Practice to help borrowers complete their capital needs and an enhanced Capital Advisory and Valuation Services to assist financial institutions and investors to better evaluate assets and investment opportunities. Cohen Financial serves clients throughout the U.S. from offices in 10 major markets.