TODAY’S NEWS: Cohen Financial Secures $64M for a Colorado Development

Cohen Financial secures financing for a 312-unit development between Denver and Boulder; Equicap arranges a $12.5 million mortgage for a portfolio in New York's East Village; and Grandbridge Real Estate Capital obtains a $8.35 million life insurance company loan for a portfolio of properties located in the Twin Cities.

LongsView ApartmentsWestminster, Colo.—National real estate capital services firm Cohen Financial has secured a combination of a $42.1 million debt financing and a $22 million equity investment for the development of LongsView Apartments, a 312-unit community being built between Denver and Boulder in Westminster, Colo.

Denver-based real estate firm Corum Real Estate group is developing the 614,631-square-foot property, which was designed by Denver’s Studio PBA. Fifth Third Bank provided the $42.1 million floating rate construction loan. A life insurance company provided the $22 million equity investment.

Robert Lindner and John Carrick, managing directors in Cohen Financial’s Los Angeles office, and Mark Strauss, managing director in Cohen Financial’s Irvine office, worked on the deal.

“Longsview Apartments is going to be an outstanding property, highly amenitized and close to numerous employment drivers and spectacular views of the Colorado Front Range,” says Lindner. “The single most difficult challenge we had with capitalizing LongsView was helping investors and lenders understand how this specific submarket’s tenant demand is sufficiently insulated from the flood of new supply coming online in the downtown urban core.”

The property will feature eight four-story residential buildings with one-story parking garages. There will be 558 parking spaces in total, 268 of which are in the podium parking garages.

Equicap arranges $12.5M mortgage for East Village Portfolio in NYC

EquicapNew York—Investment advisory firm Equicap has arranged a $12.5 million permanent mortgage for a portfolio of walkup buildings in the East Village.

The borrower approached Equicap with a tight time-of-the-essence deadline to purchase a $7.8 million mixed use building in the East Village. Equicap was able to structure a $12.5 million mortgage secured by two existing properties, providing the borrower with 100 percent financing on the new purchase. The transaction closed in 45 days.

A regional bank provided a five-year fixed rate in the low 3 percent range with 75 percent LTV.

Grandbridge obtains $8.35M life insurance co. loan for Twin Cities portfolio

Minneapolis—Grandbridge Real Estate Capital recently closed an $8.35 million first mortgage loan secured by a seven-property multifamily portfolio. All seven properties are located in the Twin Cities metro area and include seven buildings totaling 220 units. Minneapolis-based Tony Carlson originated the refinance transaction.

Funding for the fixed rate loan was provided by a life insurance company and featured a 10-year fixed rate term and 20-year amortization schedule. The interest rate was locked in February with the loan closing in August. The loan required no personal guaranty, and loan proceeds were used to retire existing debt.

Grandbridge successfully worked with the borrower and lender to structure a transaction that met the unique funding objectives of each property. This enabled the borrower to accomplish all of his refinance goals in one funding with one lender, says Grandbridge.

“The loans funded on time and we were able to structure the loan with a forward rate lock, enabling our client to lock rate six months before funding, as requested,” explains Carlson. The properties, all of which were 100 percent occupied at closing, feature a variety of unit types and amenities.