San Francisco – Cohen Financial, a national real estate capital services firm, today announced that it has secured an $8 million refinancing for the 777 North First Street office building in San Jose,. The more than 90,000 square feet, six-story Class B property is well located on a light rail station. The property is located near the San Jose airport and the Santa Clara County Administrative Center. The building is currently more than 90 percent leased.
Paul Schroeder, a Managing Director in Cohen Financial’s San Francisco office, secured the fixed-rate, long-term, financing. The lender is StanCorp Mortgage Investors, LLC, a Cohen Financial correspondent life company.
“The challenge we faced with this loan was the ever changing rent roll as the building is occupied by many tenants,” said Mr. Schroeder. “The desirable location and borrower relationship were both drivers for the lender to finance the property.”
Cohen Financial’s Loan Administration platform is servicing Mr. Schroeder’s loan.
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.