Cohen represented the borrower, a Michigan-based investor, which bought the building from Bell-Aire Development Group. Seven Eleven is leasing the space. The 2,960-sf, single-tenant retail building is located at 1011 Sumter.
Terms of the five-year loan include a 12-year amortization schedule, 75% loan-to-value ratio and pricing that is based on the three-month London Interbank Offering Rate (LIBOR). Doug Rozzell of Cohen Financial, a large originator of commercial real estate loans, originated the transaction.
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