Cohen Financial Secures $12.12 Million in Financing for Retail Center in Chicago.CHICAGO -- Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. Financial, a national real estate capital services firm, announced that it has secured $12.12 million in acquisition financing for the Foundry Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , a 35,469 square-foot property located at 2070 N. Clybourn Avenue. The property is situated in a popular retail corridor in Chicago. Foundry Shopping Center is anchored by leading national retailers, including a Men's Wearhouse Men's Wearhouse (NYSE: MW) is the largest men's dress apparel retailer in the United States. The company is based in Houston, Texas, and is publicly traded on the New York Stock Exchange. The company was founded by George Zimmer in 1973. , Panera Bread and Pier 1 Imports Pier 1 Imports Inc. (NYSE: PIR) is a Fort Worth, Texas-based retailer specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories and seasonal decor. , as well as several high-end local stores. Cohen Financial secured a $12.12 million non-recourse loan. Terms of the loan include 80 percent loan-to-value (LTV LTV See: Loan-to-value ratio ) and pricing based on the 10-year U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. . The lender is a national conduit lender and the borrower is a prominent Chicago retail and residential investor. Joel Simmons, a Cohen Financial partner, originated the transaction and was assisted by Steve Kundert, a Vice President in Cohen Financial's Skokie, Illinois office. The loan closed in October. "This was a competitive loan to place as the location and mix of national and local tenants made it a very attractive property on which to lend," Kundert said. "We were able to structure a combination of an aggressive spread and 10-year interest only period, allowing our client to maximize cash flow throughout the term of the loan." About Cohen Financial Cohen Financial is a national real estate capital services firm offering debt and equity placement, investment brokerage, loan servicing and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . The company is recognized as one of the nation's largest originators of commercial real estate financing, with over $5.1 billion in total transactions in 2005 and over $5.2 billion in loan servicing. The company has also provided financial advisory services on more than $1 billion of assets. Cohen Financial serves clients throughout the U.S. through its offices in 10 major markets. For more information, visit the company's Web site at www.cohenfinancial.com. Photo.jpg Available Upon Request |
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