Cohen Financial, a national real estate capital services firm, secured a $7.5M acquisition loan for a low-rise Class A office building in Surprise.
Brandon Harrington, Cohen Financial Director in the Phoenix office, originated the transaction with a CMBS lender. He secured the low interest, 10-year fixed-rate loan with a 30-year amortization, sub 5% interest rate and a 72% loan-to-value (LTV).
The borrower is a Canadian citizen who is actively looking to acquire properties in the Phoenix area.
“This office property is arguably the best asset in Surprise and is located on a major arterial roadway in the city,” Harrington said. “Even though the property was only 89.27% occupied and office properties in Phoenix pose the greatest challenge to finance due to overall market vacancies, Cohen Financial secured excellent terms. Our client was very impressed with the transaction.”