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| Todd F. Cohen |
ORLANDO, FL – Todd F. Cohen of Cohen Real Estate
Capital LLC, a 7- old commercial real estate company located in downtown
Orlando, arranged a $16,250,000 loan to finance the stabilization of a 520-unit
apartment complex in Palm Beach County.
The total debt represented nearly 90% of the acquisition
closing costs, and also included funds to finish the planned upgrades. The bridge loan came from a large national
bank and carries an exceptional rate below 6.00%, which will save the borrowers
over $1,500,000 in interest over the life of the loan.
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| Palm Beach County Skyline |
A second more
challenging loan was to finance the $5,000,000 acquisition and renovation of an
80-unit new townhome rental community in Tampa that was acquired from a large
regional bank via FDIC.
The project has all
three-story units with large 2-car garages.
Although new construction, the project was poorly occupied and three of
the twelve buildings were never completed by the original developer.
Cohen was able to assist the borrower in negotiating his
purchase bank and secured equity+debt financing for the acquisition and to fund
the completion of the remaining buildings and amenity upgrades.  |
| Tampa, FL Night Skyline |
This loan represents the 7th
deal that Cohen has arranged for the borrower since 2005.
The company is
expecting to close several deals in the first quarter, including equity+debt
for a $22,000,000 hotel, a large mixed-use downtown development project and a
small multifamily rental project.
CREC has facilitated
the purchase and sale of nearly $225 million in debt and equity since 2011
secured by over 600 for-sale condo units, 1,150 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 - O
(407) 928-5530 - C
(407) 650-2503 - F
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