Cohen Financial secures $23M financing for industrial portfolio
December 30, 2010 | Staff Writer | Print Article | Email this Article
Cohen Financial, a national real estate capital services firm, has assisted Bristol Group, Inc. in securing a loan totaling $23 million in refinancing for a portfolio of “Class A” industrial properties located in Bristol Group’s recently developed Wood Hill Crossings Business Park.
The five building portfolio is located in Woodridge, Ill. at the intersection of I-55 and I-355 in the northeast corner of Will County. The multi-tenant warehouse & distribution properties total approximately 950,000 square feet and are 88 percent leased as of year end 2010.
Don C. Trossman, managing director of Cohen Financial in the Chicago office, assisted Bristol Group in securing the $23 million fixed-rate interest only loan at 45 percent loan-to-value (LTV) with a five-year term and a 3.58 percent fixed rate. The lender is Cornerstone Real Estate Advisers, LLC, an advisor to Mass Mutual. The borrower, Bristol Group, Inc., is a nationally active investment and development firm based in San Francisco, California.
“With a small window of opportunity to take advantage of a favorable capital markets environment, Bristol Group executed a strategic refinancing of the Wood Hill Crossings properties at a substantially lower rate and, as a result, was able to pay off a loan assumed at acquisition and extract a sizable amount of its original equity in the project.” said Mr. Trossman in a released statement.
Tags | Chicago, Cohen Financial, finance, industrial
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