GRAND RAPIDS, UTAH - Cohen Financial, a national real estate capital services firm, today announced that it has secured $10.07 million for four commercial real estate properties. Cathy Bronkema, Partner and Managing Director of Cohen Financial in the Grand Rapids office, secured the financings.
Ms. Bronkema arranged a $3.120 million acquisition loan for the Highbrook Apartments, a 62-unit multifamily property in Hudsonville, Michigan. The lender was a local Grand Rapids bank. The borrower is a local Grand Rapids multifamily investor. The property is approximately 95 percent leased. Ms. Bronkema secured the interim financing and now is pursuing a HUD loan.
She also closed a $2.7 million refinance of an owner-occupied property in Chatsworth, California. The property is a 55,000 square foot industrial/office building. The borrower is National Notary Association. The lender was Protective Life Insurance Company.
Ms. Bronkema closed a $2.3 million refinance for a 57,530 square-foot owner-occupied industrial property in Palatine, Illinois. The borrower is The Intech Group. The lender is Kansas City Life Insurance Company.
She also secured a $1.95 million refinance for Centre Square, a neighborhood retail center in Portage, Michigan. The property is 100 percent occupied. The borrower is a local owner and developer. The lender is StanCorp Mortgage Investors, LLC.
“Three of the four transactions were financed by life insurance companies,” said Ms. Bronkema. “Many life companies are actively providing capital and are interested in underwriting single-tenant/owner-occupied properties as was the case with two of these. Additionally, life insurance company lenders continue to be competitive and provide attractive loan pricing/structure on smaller loans below $5 million.”
Cohen Financial’s Loan Administration platform is servicing the life company transactions.
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.