Cohen Financial secures $10M acquisition loan
Cohen Financial’s Neal Churney, CCIM, Managing Director of Cohen Financial’s Phoenix office, has secured a $10.335 million acquisition loan for the Villa Del Sol Apartments, a 320 unit multifamily property located in the Southwest Valley area of Phoenix, Arizona. Villa Del Sol is currently 97 percent leased.
Mr. Churney arranged the loan with Mutual of Omaha Bank. The borrower is Mentor Properties Inc., a regional investor/owner of primarily multifamily properties.
“We worked with the borrower to help them secure 75 percent of the total cost of the asset to generate enough funds to make capital improvements to the property,” said Mr. Churney.
“The borrower is a long-term client with whom we’ve done many projects. We look forward to working with them over the next several months on three additional financing assignments they awarded to Cohen Financial,” he added.