Cohen RE Capital/Orlando Closes $75.8 million in Debt
Todd Cohen closes large debt deal and buys a local mortgage and gets title
ORLANDO, Fla., March 13, 2012 /PRNewswire-iReach/ -- Todd F. Cohen 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 recently 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 luxury 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. Simultaneous with closing, CREC entered into a forbearance agreement and a discounted settlement 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.
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
Media Contact: Todd Cohen Cohen Real Estate Capital LLC, 4079562544, Tcohen@cohenrecap.com
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