Cohen Financial secures $54 million for Chicago properties.
Chicago-based Cohen cohen
(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 it secured $54.17 million in debt refinancing for a portfolio of industrial and office properties consisting of 17 buildings, totaling more than 750,000 square feet of space located in suburban Chicago.
Cohen Financial secured the non-recourse, 75 percent loan-to-value (LTV LTV
See: Loan-to-value ratio ) permanent loan priced off of the 10-year Treasury, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Cohen Financial Partner Steve Roth, who originated the transaction.
"Primarily consisting of single-tenant properties, Cohen Financial created a strategic refinancing vehicle for our client by rolling up the buildings into one portfolio, thereby diversifying the risk tied to the master loans," said Roth. "This financing vehicle provides the sponsor with the flexibility to support its business plan as opposed to constraining the plan."
A national life insurance company lender financed the transaction, while the borrower is an affiliate of Capital Realty & Development LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , Elgin, Illinois