ORLANDO, FL – Todd F. Cohen (top right photo) of Cohen Real Estate Capital LLC, a 6-yr old commercial real estate company located in downtown Orlando, arranged a $73,000,000 loan to finance the acquisition of a 550,000 SF grocery-anchored shopping center portfolio located in Puerto Rico.
The total debt issued at closing was 90% of the purchase price and included both a senior CMBS loan and a smaller mezzanine loan, both of which have very attractive long-term fixed rates.
The buyer is a private equity company affiliate of Tampa-based Forge Capital Partners, a commercial real estate investment and investment management company, who also recently purchased the 11-acre Mills/Nebraska block in downtown Orlando.
This loan represents the 5th deal that Cohen has arranged for the Forge Group of Companies since 2003.
CREC also last month acquired promissory notes from a local Central Florida bank with original face amounts of close to $2,800,000, together with first mortgages and related loan documents secured by a newly renovated 12-unit apartment building and a two commercial buildings having close to 4,000 SF of mixed-use space, including the historic Burton’s Bar (middle left photo).
Simultaneous with closing, CREC entered into a discounted settlement and deed in lieu with the borrower, and the apartments were immediately sold to a local investor. The properties are within walking distance of Lake Eola in the Thornton Park neighborhood (lower right photo).
CREC has facilitated the purchase and sale of close to $200 million in debt since 2011 secured by over 600 for-sale condo units, 550 rental apartment units and 715,000 SF of commercial space in Florida and Puerto Rico.
For more information, contact:
Todd F. Cohen, 407-956-2544
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