Miami – Cohen Financial, a national real estate capital services firm, today announced that it has secured a $27.692 million construction loan for the BrickellHouse Condominiums, a 46 floor high-rise property located on 1390 Brickell Avenue in Miami, Florida. The building was well under construction prior to the closing of the loan. The property will feature 374 units and is one of the first large condominium developments in Brickell to start construction in the current cycle. The building is substantially sold out.
Daniel R. Sheehan, Senior Managing Director and Eric McGlynn, Director of Cohen Financial’s Miami Office originated the construction loan with an institutional real estate debt fund. The loan closed within a few weeks towards the end of November.
“The lender was extremely responsive as they know the market well and were familiar with the asset,” said Mr. Sheehan. “This is an attractive property because the developer was far along in construction, had been on time and on budget, therefore, coupled with the low leverage, the loan was a very attractive investment for the lender, prompting them to act quickly. BrickellHouse has a first-mover advantage in the Brickell submarket, which has continued to strengthen since construction commenced.”
About Cohen Financial
Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, loan administration and advisory services. The company was named top originator for specialty finance in the MBA 2012 Commercial Real Estate/Multifamily Finance Firms--Annual Origination Volumes report. Cohen Financial is well recognized as one of the nation's leading loan servicers and special servicers, as well as an originator of commercial and multifamily real estate financing. Known for finding innovative solutions to meet client needs, the company recently launched an Equity Practice to help borrowers complete their capital needs and an enhanced Capital Advisory and Valuation Services to assist financial institutions and investors to better evaluate assets and investment opportunities. Cohen Financial serves clients throughout the U.S. from offices in 10 major markets.