Cohen Financial Arranges $28M for Retail, Hotel Assets

Michael Tucker mtucker@mba.org

March 21, 2019


Cohen Financial, Chicago, arranged $28.1 million for a North Carolina retail center and a Chicago hotel.

Cohen Financial Managing Director Dan Rosenberg and Vice President Matt Terpstra secured $11.3 million for Wellington Park Shopping Center.

"This retail property with long-term leases is well positioned along two major roads and benefits from direct entry from the Wellington Park neighborhood, which is home to more than 500 residents," Rosenberg said.The 102,500-square-foot retail center in Cary, N.C. occupies the intersection of Tryon Road and SE Cary Parkway. Lowes Foods anchors the center.
Rialto Mortgage Finance, Miami, supplied the 10-year acquisition loan, which closed on February 28.

Rosenberg and Terpstra also closed $16.8 million with Prime Finance for the 63-guest room Ivy Hotel in Chicago. The 55,000-square-foot 16-story boutique hotel is in Chicago's Streeterville neighborhood adjacent to the Magnificent Mile on Michigan Avenue.

Cohen Financial arranged a two-year floating-rate loan for the sponsor, a joint venture between Avantgarde Hospitality and Anderson Hospitality Holdings.

"Plans to increase visibility and immerse the hotel in the local community are a primary objective for the asset," said Avantgarde Hospitality Co-Founder Andre Koren.

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