TODAY’S DEALS: Cohen Financial Arranges More Than $10M from Pillar
Cohen Financial announces that it has arranged $10.366 million for two properties in Grand Rapids, Mich.; and NorthMarq Capital’s Los Angeles office secures a 5+25 Year term loan.
Grand Rapids, Mich.– Cohen Financial announced that Cathy Bronkema, partner and managing director of Cohen Financial in the Grand Rapids, Mich. office, arranged a total of $10.366 million through Pillar’s lending program for the acquisition of two Grand Rapids-based multifamily properties.
Bronkema secured an $8.206 million HUD 223(f) loan in February 2015 for the acquisition of Richmond Hills Apartments, a 222 unit property. She also secured a $2.16 million Fannie Mae loan in January 2015 for the acquisition of Eagle Nest Apartments, a 48 unit property. The borrower is Trillium Ventures MSV, a Grand Rapids-based multifamily owner/operator.
“These two transactions showcase that Cohen Financial now has the ability to provide active apartment investors direct access to all of Pillar’s diverse multifamily lending programs,” said Bronkema. Pillar, a Guggenheim Partners affiliate, offers financing solutions for market-rate and affordable multifamily properties, including Fannie Mae, Freddie Mac, HUD, traditional life company portfolio and CMBS conduit lending programs. “Borrowers save time and effort when securing new capital due to Pillar’s ability to quote multiple programs from a single underwriter in combination with Cohen Financial’s extensive lending relationships across the industry,” added Bronkema.
“Acquiring these two deals allowed us to obtain well-located properties in the strong Grand Rapids market. Executing a unique value-add strategy for each property will dramatically increase their positions in their respective submarkets,” said Daniel Meyering, managing partner of Trillium Ventures MSV.
NorthMarq Capital’s Los Angeles office arranges 5+25 Year term loan
Los Angeles– Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office secured the $11.7 million refinance of Avignon Apartment Homes, a 88 unit multifamily property located at 1375 W. Valencia Drive in Fullerton, Calif.
The transaction was structured with a 5+25 year term with years 1 to 5 at a fixed rate and years 6 to 30 at a variable rate. NorthMarq arranged financing for the borrower, Advanced Real Estate Services, through its relationship with a national bank.
“The bank increased the loan by 17 percent after rate lock based on the cash invested in upgrades and projected cash flow increases,” said Elmore. “The execution was excellent.”