Cohen Financial Lends a Helping Hand in Oregon
The company secured two refinancing loans for the Salem properties.
By Veronica Grecu
Salem, Ore.—Cohen Financial recently announced it secured two refinancing loans for Crestbrook Apartments and Oak Park Village, two rental communities located in Salem, Ore. Peter Norrie, Managing Director of Cohen Financial’s Portland office, arranged the fixed-rate, 10-year Fannie Mae loans with 30-year amortizations and 55 percent loan-to-values.
According to Yardi Matrix, the borrower is Charles W. Merrill, a Portland-based private multifamily investor.
“Timing was the key to these transactions,” said Norrie. “We did not want to lock post-election and risk the treasury market’s potential volatility. To do that, the borrower agreed to pay-off the existing loans prior to their maturity and to incur minimal prepay premiums as opposed to waiting until early 2017.”
The first loan, totaling $5.18 million, was secured for Crestbrook Apartments, a 108-unit rental property located at 4828 Lancaster Drive NE. Built in two phases in 1995 and 1996, the 90,000-square-foot property offers 108 two-bedroom apartments that rent for an average $886 per month. The two-story ptoperty also includes a tennis court, basketball court, laundry facilities, and 184 surface parking spaces.
The second property, Oak Park Village, landed a $3.66 million refinancing loan. The 60,000-square-foot community is located at 4495 Pacifica Way NE and comprises eight on- and two-story buildings completed in 1997. It offers 64 apartments in a combination of two- and three-bedroom units with rents starting at $925 per month. The list of amenities at Oak Park Village includes a business center and 138 covered parking spaces.
Both properties were fully occupied at when the loans closed on December 1.