Tag Archives: Cohen Financial

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Cohen Financial's Phoenix Office Closes More Than $100M In Financing in 2Q 2013

 

Cohen Financial, a national real estate capital services firm, today announced that Brandon Harrington, Cohen financial director in the Phoenix office, and his team —  Matthew Steffen, vice president; and Rachel Saxelby, analyst — closed more than $100M in commercial real estate financings in 2Q 2013.

The majority of the transactions the team closed was multi-family and Class A office properties.

Select transactions secured by the Phoenix office in the second quarter include:

>> $35M in debt and equity financing for two Class A office properties, one on the East Coast and one in the Midwest;

>> $20M total for multi-family properties in Phoenix;

>> $14.35M acquisition financing for a 81,875 SF, 5-story Class A medical office property in Phoenix.

“The second quarter offered a window where rates were very attractive, we identified aggressive sources of capital for each class of assets and executed quickly to secure the best terms for our clients,” Harrington said.

 

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Cohen Financial Arranges $14.35M In Debt Financing For Lifeprint Health Center

 

Cohen Financial, a national real estate capital services firm, announced that Brandon Harrington, Cohen Financial Director in the Phoenix office, secured $14.35M in acquisition financing for the Lifeprint Health Center, a Class A medical property at 20414 N. 27th Ave. in Phoenix.

Lifeprint, a primary care, multi-specialty clinic owned by United Healthcare, occupies approximately 50% of the building, which is 98% occupied.

Harrington originated the fixed-rate, 10-year term loan. The borrower is Vancouver-based private investor Talia Jevan Properties. The lender is Redwood Trust, Inc., a residential and commercial mortgage finance company. The transaction closed on June 11.

“We closed the transaction in 30 days due to our management of the underwriting and legal process, which is critical in a volatile interest rate environment. In addition, we were able to mitigate rollover risk with our correspondent lender to maximize proceeds,” Harrington said.

Lifeprint Health Center is an 81,875 SF, 5-story office property at the intersection of I-17 and West Loop 101. The property also includes a 4½-story parking garage with 300+ spaces.

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Talia Jevan Properties Purchases Lifeprint Health Center For $20.5M

 

Colliers International announced that Vancouver-based private investor Talia Jevan Properties (TJP) has acquired the Lifeprint Health Center at 20414 N. 27th Ave. in Phoenix for $20.5M.

The Lifeprint property represents TJP’s second Class A acquisition in the U.S.

Bob Broyles, senior vice president with Colliers International in Greater Phoenix, and Simon Lim, executive vice president with Colliers in Vancouver, represented TJP in negotiating the purchase of this key investment property. Eric Wichterman, Mike Coover and Tom Weinhold with Cassidy Turley Arizona represented the seller, Winthrop Realty Trust of Boston.

Built in 2008, the 81,875 SF, 5-story Lifeprint Health Center is a Class A medical property located at the intersection of two major freeways — I-17 and West Loop 101. Situated near retail amenities and within a few blocks of the John C. Lincoln Deer Valley Hospital, the building also includes a 41⁄2-story parking garage with 300+ spaces.

“The Lifeprint Health Center is a great addition to Talia Jevan’s portfolio,” Broyles said. “Its strong base of synergistic tenants, state-of-the-art amenities and proximity to the hospital, combined with a fantastic location, make this a highly attractive medical property.”

The property is currently 98 percent occupied with a range of strong tenants. Lifeprint, a primary care, multi-specialty clinic owned by United Healthcare, occupies approximately 50 percent of the building. Other tenants include Premier Research Group, SimonMed Imaging, Southwest Desert Cardiology, Sonora Quest Laboratories and Central Garden and Pet.

“To date, we’ve acquired just under $40M in U.S. real estate. Our goal is to have upwards of $100M within a short time frame,” said Harmel S. Rayat, president of Talia Jevan Properties.

“As with our Canadian portfolio and our recent purchase of 94 Hundred Shea, a 74,000 SF mixed-use retail and office complex in North Scottsdale, we are primarily interested in Class A assets. As such, we are thrilled about the unique and rare opportunity to acquire this almost fully leased Class A medical property, which is home to many high quality tenants. We look forward to seeking additional high-caliber acquisitions like this in the near future.”

TJP will continue to work closely with Colliers International and lead advisors Vector Asset Management, Inc. in making further strategic acquisitions.

“This follow-on acquisition marks Talia Jevan’s second such purchase in as many months, a rapid deployment of our near-term $100M-plus allocation,” said Jay S. Bhogal, President and CEO of Vector Asset Management. “We’re confident that both of these target acquisitions and timing are opportune.”

The Phoenix team of Cohen Financial, led by partner-director Brandon Harrington, arranged acquisition financing for this transaction.

“We were able to close the deal in 30 days due to our management of the underwriting and legal process, which is critical in a volatile interest rate environment. In addition, we were able to mitigate rollover risk with our correspondent lender to maximize proceeds,”  Harrington said.

The Lifeprint Heath Center will be managed by the well-known Plaza Companies. Megan Sherwood with Plaza will manage the leasing.

 

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Cohen Financial Secures More Than $74.8M For Construction of 2 Multi-Family Properties

 

Cohen Financial has arranged more than $74.8M in development financing for the Liv North Scottsdale and Liv Ahwatukee communities in Metro Phoenix.

Both are luxury, Class A multi-family developments.

Liv North Scottsdale has commenced construction and Liv Ahwatukee will break ground in 2Q 2013.

Mark Strauss, Robert Lindner and John Carrick, Managing Directors in Cohen Financial’s Irvine and Los Angeles offices, secured both construction loans in the approximate amounts of $34.5M for Liv North Scottsdale and $40.2M for Liv Ahwatukee.

The borrower is Investment Property Associates, LLC, (IPA), a multi-family developer and manager with a strong history of creating communities that command premium rents by offering a unique luxury lifestyle.

“Both transactions attracted extremely aggressive lender competition due to the exceptional locations and quality of sponsorship,” Strauss said. “Liv North Scottsdale’s unrivaled location next to Scottsdale Quarter will position it for quick occupancy. Liv Ahwatukee is located close to many of the leading high-tech employers in the market and is being developed on the only remaining entitled multi-family site in Ahwatukee.”

Liv North Scottsdale is part of an upmarket, urban‐infill, mixed‐use development within walking distance of Scottsdale Quarter & Kierland Commons, the most exclusive North Scottsdale retail district.

The development consists of 240 units across 4, four-story buildings over podium parking, and is located at the NWC of Scottsdale Rd. and Greenway-Hayden Loop.

Liv Ahwatukee will feature 402 garden-style apartments with a unique suite of amenities that focus on interaction, technology, wellness and sustainability. The community is located in the Ahwatukee Foothills area of Phoenix just a few miles from Intel’s Arizona headquarters, Intel’s newest plant, as well as other significant area employers including PayPal.

Both properties feature high quality finishes, resort-style pools, exceptional fitness facilities and a well-appointed roof-top lounge or other social gathering areas. There will be valet trash and recycling services along with a professionally managed fiber optic networks at each property.

 

Cohen Financial Arranges More Than $7.7M Refinancing For Portfolio of 9 Retail Properties

 

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.

rsz_image001The portfolio consists of one Dollar General and eight Family Dollar stores.

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.

 

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Cohen Financial Arranges More Than $36M in Loans for Properties in Southwest, Midwest

 

The Phoenix office of Cohen Financial, a national real estate capital services firm, secured more than $36M in acquisition and refinance loans for properties in Arizona, Kansas and Texas.

Brandon Harrington, Cohen Financial director in the Phoenix office, originated the transactions with a variety of lenders, all within in the past 60 days.

In Arizona, Harrington secured more than $21.85M in separate financings for four multi-family properties, three in Phoenix and one in Tucson, as well as an industrial property in Gilbert.

The multi-family transactions include a $1.6M acquisition loan for a 103-unit apartment, a $3.49M acquisition loan for a 187-unit fractured condominium property and a $7.15M refinance loan for a 203-unit apartment property all in Phoenix, as well as a $6.141M acquisition loan for a 240-unit apartment property in Tucson.

Harrington also secured a $3.465 million SBA 504 acquisition loan from Zions Bank for the industrial property in Gilbert.

“Our clients were very pleased with the competitive options we provided for each property and the diligence by which we executed their closings,” Harrington said.

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Cohen Financial Arranges $7.5M Financing For Surprise Office Property

Cohen Financial, a national real estate capital services firm, secured a $7.5M acquisition loan for a low-rise Class A office building in Surprise.

Brandon Harrington, Cohen Financial Director in the Phoenix office, originated the transaction with a CMBS lender. He secured the low interest, 10-year fixed-rate loan with a 30-year amortization, sub 5% interest rate and a 72% loan-to-value (LTV).

The borrower is a Canadian citizen who is actively looking to acquire properties in the Phoenix area.

“This office property is arguably the best asset in Surprise and is located on a major arterial roadway in the city,” Harrington said. “Even though the property was only 89.27% occupied and office properties in Phoenix pose the greatest challenge to finance due to overall market vacancies, Cohen Financial secured excellent terms. Our client was very impressed with the transaction.”