GRAND RAPIDS, MI – Cohen Financial, a national real estate capital services firm, today announced that it has secured a $4.15 million acquisition loan for a Walgreens in Cottage Grove, Oregon. Cathy Bronkema, Partner and Managing Director of Cohen Financial in the Grand Rapids office, secured the financing.
Ms. Bronkema arranged a fixed rate, nonrecourse 10-year term loan with a 30-year amortization schedule. The lender is a national bank.
“This transaction was a 1031 exchange,” said Ms. Bronkema. “The market continues to be flush with 1031 exchange transactions, and I am seeing the 1031 exchange buyers heavily focused on either credit tenant or multifamily properties. As more 1031 money continues to enter the market, the cap rates continue to contract on the credit tenant deals, such as Walgreens and CVS. Therefore, we are faced with the challenge of identifying the best assets that can accommodate a 1031 exchange and finding financing terms and structure that make sense based on the lower cap rates. In light of the current market demand, I am committed to working with 1031 investors to maximize their cash flow and investment needs.”
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 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.