Cohen Financial Arranges $2.2M Life Company Loan for Michigan Property

Cohen Financial secures a $2.2 million refinance for The Abbey Apartments; and Boston Capital invests in an affordable multifamily community.

Grand Rapids, Mich.—Cohen Financial announced that Cathy Bronkema, partner and managing director, has secured a $2.2 million refinance for The Abbey Apartments, a 56-unit multifamily property located between Lansing and Grand Rapids, Mich.

Bronkema arranged a life insurance company loan for the multifamily property for a Michigan-based developer.

“As I predicted last year, the overall commercial real estate market fundamentals in Michigan continue to improve and attract out-of-state buyers. Therefore, the state is a great market for investors looking to secure enhanced yield across multiple property types,” Bronkema says. “The lender appetite for Michigan continues to improve and a competitive lending market is evident by the current loan closings. I believe we will continue to see a variety of different capital providers putting money into the Michigan commercial real estate market.”

Boston Capital invests in affordable multifamily community

Portland, Maine—Boston Capital is investing in the construction of 409 Cumberland Avenue Apartments, a 57-unit development for families located in Portland, Maine. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developer is Avesta Housing Development Corp., based in Portland, Maine.

The construction of 409 Cumberland will generate $5.8 million in local salaries and create more than 87 new jobs in the Portland area. Boston Capital’s investment in the development adds 57 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in approximately 2,600 units of affordable housing in Maine.

Located within a mixed commercial and residential neighborhood in downtown Portland, 409 Cumberland will feature a four-story building providing 21 studios, 32 one-bedroom and four two-bedroom apartments. Forty-six of the units will be available to families earning 60 percent or less of the Area Median Income (AMI), while the remaining 11 will be at market rate.

409 Cumberland will encourage “healthy living” by featuring common spaces for healthy food preparation workshops, exercise classes and a community rooftop gathering area with a planting bed and greenhouse for residents. Community amenities will also include a multi-purpose room, an instructional kitchen, interior bike storage, a resident services office and laundry facilities.

“Boston Capital is pleased to partner with Dana Totman and Avesta Housing in the new construction of 409 Cumberland in downtown Portland, providing residents with quality affordable housing in an urban setting,” says Jeff Goldstein, COO and director of Real Estate at Boston Capital. “We applaud Dana’s efforts to offer components that encourage healthy living through exercise and food preparation classes as well as the installation of a rooftop garden for residents.”

409 Cumberland is located near business, entertainment and government services in the Portland Downtown District as well as neighborhood services such as retail shopping and restaurants, schools, and parks and recreation facilities.