Real estate capital services firm Cohen Financial has arranged $106m in financing for a San Francisco, California-based multifamily commercial real estate owner and investor.
A $59m loan from Wells Fargo, a Fannie Mae DUS lender, backs the acquisition of the Willow Creek Apartments & Townhomes, a gated apartment community located in Kansas City, Missouri. The property features 986 units located in 42 buildings.
A $39.5m loan from Prime Finance refinances a portfolio of four properties that includes three multifamily properties in San Rafael, California consisting of a total of 127 units, plus a 71,720 sq ft, multi-tenant office building in San Francisco.
A third $7.9m loan from Bank of Marin refinances a multifamily and commercial property in San Francisco made up of 40 apartments and five commercial spaces.
Kenneth Fox, a managing director in Cohen Financial’s San Francisco office secured the financing.
“The challenge was to secure adequate leverage at competitive interest rates in a very timely manner on the refinance loans in order to generate the equity required to close on the acquisition of the Willow Creek property and meet our client’s September 30th close date,” he said in a statement. “We successfully prevailed on leverage points and low interest rates and were able to meet the targeted close date on the Willow Creek property.”
The firm did not respond to requests for additional comment on loan terms or the identity of the borrower.