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Cohen Financial Refinances Three Area Properties

PORTLAND, OR-The Chicago-based lender sources $21 million for three properties, two retail centers in Portland proper and one apartment complex in Gresham, an eastern suburb.

By Brian K. Miller | Updated on August 02, 2005

PORTLAND, OR-Cohen Financial of Chicago recently sourced $20.9 million in debt financing for three area properties. Two of the properties are retail properties in Portland proper and the third is an apartment complex in the City of Gresham, an eastern suburb. In the largest of the three deals Cohen sourced an $11.5-million loan for Lovejoy Square, a 46,790-sf unanchored retail center located at 930 NW 14th & 1325 NW Kearney in Portland. Terms of the 10-year non-recourse loan include a 25-year amortization schedule, 80% LTV and pricing based on the 10-year US Treasury. The lender is Citigroup. The borrower is a local private investor. Cohen’s local VP Peter Norrie originated this transaction. Most recently, Cohen sourced $5.4 million for Mt. High Apartments, a 112-unit apartment complex located at 1930 SE 6th St. in Gresham. Terms of the 15-year non-recourse loan include a 25-year amortization schedule, 75% loan-to-value ratio and pricing based on the Interpolated 12-year US Treasury. The lender was Aegon, a CMBS conduit company. The borrower is a local private investor. Cohen’s Portland-area director Bob Humphrey originated the transaction. Cohen also sourced from Aegon a $4-million loan for Forest Heights, a 17,000-sf unanchored retail center located at 2021-2127 NW Miller Rd. in Portland. Terms of the 20-year non-recourse loan include a 20-year amortization schedule, 73% LTV, and pricing based on the Interpolated 12-year US Treasury. The borrower is a local private investor. Humphrey originated the transaction.

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