Cohen Financial's Pipeline: $500M-Plus

WASHINGTON, DC-Cohen Financial is getting set to announce that it has secured $49.75 million for a national hotel developer to build a 218-key Courtyard Marriott hotel, which will go up on the corner of Florida and New York avenues this summer. At the beginning of the year, Cohen Financial arranged the land acquisition financing of the 31,107 sf infill site on which it will be developed.

Cohen Financial secured the partial recourse loan with 85% loan-to-value and five years interest only priced at a spread of 180% over Libor from a national real estate finance company.

The deal, which closed about 10 days ago, was originated by Ben Greazel, a director in Cohen Financial’s Skokie, IL, and is illustrative of the growing bulk in the firm’s Mid-Atlantic pipeline, Chris Carroll, managing director in Cohen Financial’s Chicago office tells GlobeSt.com.