Cohen Financial Secures $89M In Florida, California
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Cohen Financial, Chicago, secured a $73 million construction loan for two Class A eight-story residential buildings on 25 acres in Doral, Fla.
Cohen Senior Managing Director Daniel Sheehan and Director Eric McGlynn secured the transaction for The Congress Group Inc. and Encore Housing Opportunity Fund. The loan closed in February.
"Doral continues to be an attractive sub-market for residential development within the greater Miami area," Sheehan said. "The demand trend to live there continues, and accordingly, a variety of development projects--both residential and commercial--should do well in the near to mid-term."
Located at the northeast corner of NW 107th Avenue and NW 58thStreet in Doral, Landmark at Doral will include 11 different floor plans ranging from 680 square feet to 1,380 square feet and 40,000 square feet of retail space upon completion.
In California, Cohen Financial Managing Director Kenneth Fox secured $16.2 million to refinance Napa Garden Apartments on Laurel Street in Napa. Fox originated the fixed-rate, long-term loan through Wells Fargo's lending program with Freddie Mac. He said the borrower is a San Francisco commercial real estate investor.
"Napa Garden Apartments is a sizable, well-located property in Napa," Fox said. "The property has a long track record of stability and full occupancy and is very well received in the Napa area community."
Napa Garden Apartments in the Napa Valley wine region includes 160 units spread across 24 buildings.