– Cohen Financial, a national real estate capital services firm, today announced that it has secured a $6.3 million refinancing for the Danville Towne Center, a retail center located in in Danville, Illinois. The property consists of 80,170 square feet of office space, 108,556 square feet of retail space and a 209 car garage. The office building is anchored by Cannon Cochran Management Systems, Inc., which is headquartered in Danville and has a national network of 41 offices located across the United States. The retail space is anchored by County Market, a division of Covington Foods. The entire property is 94 percent leased.
Don C. Trossman, Managing Director of Cohen Financial in the Chicago office, secured the 65 percent loan-to-value (LTV) fixed rate, 10-year term loan. The lender is Citigroup Global Markets, Inc. The borrower is The Danville Towne Center, LLC. The transaction closed in November 2013.
“The property has been owned by the borrower since 1997 and is extremely well managed and well leased,” said Mr. Trossman. “The grocer’s sales are good and many tenants have renewed and extended their leases demonstrating a healthy retail and office environment for this property in the Danville market.”
About Cohen Financial
Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, loan administration and advisory services. The company was named top originator for specialtyin 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.