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Cohen Financial secures $54 million for Chicago properties.

Chicago-based Cohen 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) permanent loan priced off of the 10-year Treasury, according to 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, Elgin, Illinois, explained Roth.
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Title Annotation:Commercial
Comment:Cohen Financial secures $54 million for Chicago properties.(Commercial)
Publication:Mortgage Banking
Article Type:Brief article
Date:Jan 1, 2008
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