Cohen Financial Secures More Than $66M
- Jul 25, 2016
San Francisco—Real estate capital services firm Cohen Financial has secured a total of $66.583 million for a San Francisco-based owner-investor in multifamily real estate.
At Cohen Financial’s San Francisco office, Managing Director Kenneth Fox, CCIM, originated $37.51 million to refinance a portfolio of nine Marin County and San Francisco properties. All transactions were closed by Fox by end of business June 29.
Immediately following the refinancing loans, Fox closed a $29.073 million loan for the acquisition of The Ridge Apartments, a 352-unit rental property situated near an array of restaurant, retail and nightlife options in the Kansas City suburb of Overland Park, Kan.
Located at 8900 W. 102nd Terrace in the heart of Overland Park, The Ridge features one-, two- and three-bedroom apartments in a pet-friendly environment.
Common-area amenities include three swimming pools, renovated clubhouse with clothes care area, 24-hour fitness center, pergola with lounge area and fire table, resident lounge with flat-screen TV, basketball court, tennis court, shuffle board, new cybercafé and covered parking and garages.
The apartment homes feature brick fireplaces, private balconies or patios, unique and spacious floor plans, walk-in closets and washer-dryer connections.
The acquisition loan was originated with Wells Fargo, a Fannie Mae DUS lender. “It was all about timing and executing quickly,” Fox told MHN. “Wells Fargo had funded a loan last year for the borrower. So we used them for this transaction as they were already familiar with the borrower and it saved time. They also proved to be very competitive.”
The refinancing loans were secured very quickly through four local-regional banks at competitive interest rates, Fox added.
Loans were secured “to generate the equity required to close the acquisition of the Overland Park property and meet our client’s June 30th close date,” he said. “We successfully prevailed on leverage points and low interest rates and pushed through to meet the targeted close date on The Ridge Apartments.”