Finance V Michigan

Cohen Financial closes $11 million loan for 160-unit apartment community

Cohen Financial closes $11 million loan for 160-unit apartment community,ph01

Cathy Bronkema, managing director in the Grand Rapids, Michigan, office of Cohen Financial arranged an $11 million short-term bank loan with SunTrust for the acquisition of Cottonwood Forest Apartments in Jenison, Michigan, a suburb of Grand Rapids.

Cottonwood Forest Apartments features 160 one- and two-bedroom units in the property’s two-story, townhouse-style buildings. Bronkema secured the short-term financing to acquire the asset and to reposition and upgrade the units.

The borrower is Trillium Investments, a longtime Cohen Financial client and Grand Rapids-based multifamily owner/operator. The loan closed in June.