Cohen Financial, a national real estate capital services firm, announced that its Phoenix office has secured more than $7.7M to refinance a portfolio of nine single tenant retail properties located across four states, including Arizona.
Brandon Harrington, Cohen Financial Director in the Phoenix office, originated the fixed-rate, 10-year term loan with a 30-year amortization rate. The lender was Basis Investment Group, LLC, a CMBS lender. The borrower is a Delaware Statutory Trust (DST).
“The DST borrower structure is still a relatively new concept for most lenders. This is the second portfolio of this nature that we have closed for our client, and we were able to educate the lender through the loan process to close quickly and efficiently,” Harrington said.