Office-Industrial Portfolio Brings $178.5M

IRVINE, CA—Cohen Financial, a national real estate capital services firm, has secured a $178.5 million loan for the acquisition of a diversified portfolio of 24 properties located in 12 states by Northstar Commercial Partners, a Denver-based, privately-held company that specializes in buying distressed CRE assets across the United States. Mark Strauss, managing director of Cohen Financial’s Irvine office, and Robert Quarton secured the loan with Prime Finance Partners, a national privately-held commercial real estate finance company. The portfolio consists of 13 industrial warehouse & manufacturing facilities, eight office buildings, and three retail properties, totaling approximately six million square feet.

Cohen Financial secured the three-year term loan at an 80% loan-to-value (LTV). Cohen Financial worked closely with the Prime Finance Partners team to help the lender understand the relative value of each underlying asset in relation to its market. Many of the properties are located in secondary markets with substantial vacancy. The opportunity for the sponsor was to purchase in bulk, execute a lease up strategy, convert a low basis into increased value through their leasing expertise and sell individual assets.