SAN RAFAEL, CA—Five Bay Area properties were recently refinanced with loans secured by Cohen Financial. The portfolio included three multi-family properties, D Street Apartments, located at 515 D St.; Redwood Highway Apartments, located at 10-12 San Pablo Ave.; and La Brea Apartments, located at 15 La Brea Way, all in San Rafael, CA, consisting of a total of 127 units. In addition, there was a 71,720-square-foot, multi-tenant office building located at 550 15th St. and a 40-unit apartment property, 250 Taylor Street Apartments at 250-262 Taylor St., both located in San Francisco.
Cohen Financial secured a total of $39.5 million for a San Francisco-based multi-family commercial real estate owner/investor. Kenneth M. Fox, CCIM, a managing director in Cohen Financial's San Francisco office, originated the loan to refinance the properties. The lender was Prime Finance.
Fox also secured a $7.91 million loan to refinance a mixed-use property in San Francisco. The lender was Bank of Marin. This property consists of 40 apartment units over five commercial spaces.
The refinance loans represented adequate leverage with which to complete an additional $58.88 million acquisition loan to fund a multi-family property in the Midwest. This loan had a firm close date within which the previous transactions had to be completed.
Fox, tells GlobeSt.com: “Cohen Financial successfully managed and orchestrated multi-property cash-out refinances to fund the targeted large apartment community acquisition, all of which was executed within a very time sensitive framework, at leverage levels and interest rates which enhanced the overall transaction.”
As previously reported, The Marin Gardens Apartments in San Rafael was recently acquired.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
