Neal Churney, CCIM, managing director of Cohen Financial, a national real estate capital services firm, secured two separate acquisition loans, totaling $7.63 million for two multifamily properties in Phoenix. Both properties are fully leased, and the transactions closed in June.
Cohen Financial secured a $5.95 million loan with a regional bank for the Palm Desert Apartments, a 161-unit multifamily property built in two-phases and located in the Metrocenter area of Phoenix. The borrower is an out-of-state investor/owner of multifamily properties.
Churney also secured a $1.68 million Freddie Mac Small Balance Loan for the Shorewood Apartments, a 21-unit multifamily property located in Midtown Phoenix. The property was built in 1960 and renovated in 2012.
“Our client’s objective for the Palm Desert acquisition financing was to utilize the proceeds to acquire the property and then to apply funds for capital improvements and interest carry,” said Churney. “They are a longtime client of mine, and we found the best capital source to provide all of these terms.”
Working through Cohen Financial and Pillar, CRE investors can access multiple types of capital sources to assist with either the acquisition or refinance of multifamily properties.