|Dealmaker of the Day|
Cohen Financial, Chicago, secured $11.6 million in acquisition financing for a 462,000-square-foot, multi-tenant industrial property in Kentwood, Mich.
Cathy Bronkema, partner and executive vice president of Cohen Financial's office in Grand Rapids, Mich., secured the financing for the 100 percent occupied property. She arranged the fixed-rate, non-recourse, 10-year term loan with a national commercial mortgage-backed securities lender for the Chicago-based borrower.
Bronkema said her firm secured the financing within 30 days to meet both the seller’s and the buyer’s year-end deadlines. The transaction closed on December 28.
“The industrial market in west Michigan is very tight, with a low market vacancy rate of around five percent and limited quality product similar to the [Kentwood] property,” Bronkema said. “As such, the fundamentals are trending up, and we are seeing out-of-state investors looking for properties in Michigan to secure enhanced yield.”
Cohen Financial's Phoenix office also arranged $14.6 million in separate financings for four Arizona multifamily properties and an industrial property. Brandon Harrington, director in the company’s Phoenix office, originated the transactions with a variety of lenders.
The multifamily transactions include a $1.6 million acquisition loan for a 103-unit apartment community, a $3.49 million acquisition loan for a 187-unit fractured condominium property and a $7.15 million refinance loan for a 203-unit apartment property, all in Phoenix, as well as a $6.141 acquisition loan for a 240-unit apartment property in Tucson. Harrington also secured a $3.465 million Small Business Administration 504 acquisition loan from Zions Bank for the industrial property in Gilbert.