Finance N Illinois

Cohen Financial arranges $19M loan for Gold Coast multifamily property

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Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced that Michael Hart, managing director in the Cohen Financial Chicago office, closed a $19 million loan with a local bank to refinance 70 E. Walton Street.

The building is approximately 50,000 square feet, featuring 25 luxury rental units and approximately 15,000 square feet of retail space located on the first through third floors. The property is located in the Gold Coast neighborhood adjacent to the Magnificent Mile, Chicago’s premier shopping, dining and entertainment corridor along Michigan Avenue.

Hart arranged a fixed-rate, seven-year term loan. The sponsor is a private investor. The loan closed on January 14. “The 70 E. Walton building is a highly desirable property, providing an amenity-rich lifestyle in the city close to North Michigan Avenue and Oak Street destinations,” said Hart.