Oct. 17, 2013- Cohen Financial, a national real estate capital services firm, today announced that its Phoenix office has secured $8.298 million to refinance a portfolio of 11 single tenant retail properties located in Arizona, Illinois, Indiana, Kansas, Louisiana, Michigan, Ohio, Texas and Virginia. The portfolio consists of eight Family Dollar stores, one Dollar General, one Advanced Auto Parts and one Aaron’s.
Brandon Harrington, Cohen Financial Managing Director in the Phoenix office, originated the fixed-rate, 10-year term loan with a 30-year amortization rate. The lender was Basis Investment Group, LLC, a CMBS lender. The borrower is a Delaware Statutory Trust (DST).
“With the CMBS market loosening up, we were able to structure an extremely attractive deal to maximize returns to the DST. This transaction is the third portfolio of this nature that we have closed for our client,” said Mr. Harrington. “Working with Basis Investment Group again enabled us to close the loan quickly and efficiently.”