Cohen Financial Secures $19.5 Million in Refinancing for Venture Corporations's Morgan Hill Ranch Business Park in Morgan Hill, California.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- 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 announced that the firm has secured $19.5 million in debt for San Francisco-based Venture Corporation. The borrower is using the funding for improvements to an undeveloped 60-acre tract of land within the otherwise developed 300-acre Morgan Hill Ranch Business Park. The property -- one of the largest business parks in the San Francisco area -- is located along Highway 101, in Morgan Hill, Calif., just 15 miles south of San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. . Replacing higher cost debt with this lower cost financing will allow Venture Corporation President Robert Eves and CFO See Chief Financial Officer. James Burck to improve cash flow and make street improvements to the property that will result in higher land values. Venture Corporation is recognized as the country's largest developer of industrial condominiums. The financing consists of a 3-year, floating rate, full-recourse loan, based only on land value, and secured by Cohen Financial at 70 percent loan to value with pricing over LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . The lenders are The Marshall Group and First Bank. "We are pleased to have assisted this very prominent client with this somewhat specialized financing request. Venture Corporation is an expert at creating product for small space users via their industrial and office condominium projects. This refinance will allow Venture to create smaller parcels which will better suit the ever growing small tenant market," said Cohen Financial Managing Director Capital Markets Unit -- San Francisco Paul A. Schroeder, who originated the transaction with Cohen Financial Director Robert Kincheloe, also from the San Francisco office. The transaction closed on August 1, 2006. Cohen Financial is a national real estate finance company offering debt and equity placement, investment brokerage, loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. 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 more than $5.1 billion in total transactions in 2005 and more than $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 country from 10 offices in major markets. The Cohen Financial San Francisco office is located at 111 Sutter St., Suite 950, San Francisco, Calif. Cohen Financial Managing Director Paul A. Schroeder can be reached at 415-591-3107, or email at pschroeder@cohenfinancial.com. |
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