Cohen Financial Lands $26M Loan for San Francisco Area Community
The 80-unit property is California Landmark Group's first acquisition in Northern California and underwent a complete renovation in 2014.
San Francisco—Cohen Financial and Q10 | Westcap have secured a $26 million loan to refinance the Woodlark Residences located in Marin County, part of the San Francisco Bay area. The community at 965 Magnolia Ave. in Larkspur, Calif., offers 80 one- and two-bedroom units across 11 buildings.
The pet-friendly community offers amenities like a grilling pavilion and lounge seating area, cardio and weight studio, and a pool.
Cohen Financial Managing Director Kenneth Fox, based in the company’s San Francisco office, worked to place the fixed-rate loan refinance with Stephan Coste in the Los Angeles office of Q10 | Westcap, a commercial real estate mortgage banking firm. Sun Life Financial, an exclusive correspondent lender represented by Cohen Financial in Northern California and Q10 | Westcap in Southern California, funded the loan.
“Woodlark Residences is an extremely well-located and established high-quality multifamily property,” said Fox.
“Larkspur is hands down one of the most sought-after locations in Marin County for its proximity to San Francisco. Assets like this command outstanding loan terms due to Marin County’s lack of inventory and zero room for further multifamily developments,” he added. “Because I grew up near the property, I was able to share my impressions of this one-of-a-kind property with the lender, showcasing the thrilling value of this property.”
The borrower was California Landmark Group, a development and investment company founded in 1988 that acquires, rehabilitates and develops real estate assets in California. The transaction closed on July 1, 2016.
Woodlark Residences was California Landmark‘s first Northern California acquisition. In mid-2014, construction started on a complete overhaul of the property, including interior, exterior and common area upgrades, according to the company’s site.
“Woodlark is a hidden jewel. The client made substantial renovations to the units completely rebuilding the interiors with top-of-line fixtures,” Fox told MHN. He added that the loan will replace an earlier financing and allow the borrower to recoup some of its renovation costs.
Other recent transactions for Cohen Financial include securing a $66.6 million loan for a San Francisco-based multifamily owner-investor, which included originating a $37.5 million loan to refinance a portfolio of nine Marin County and San Francisco properties and closing a $29.1 million loan for the acquisition of The Ridge Apartments, a 352-unit community in Overland Park, Kan.