Cohen Financial, a national real estate capital services firm, announced (June 20, 2007) that Howard Taft, Managing Director and Charles Penan, Senior Analyst, in Cohen Financial’s Miami office, have secured $8.4 million in financing for Staverton West, a 59,750 square-foot, office/industrial mixed use property. Staverton West is ideally located on Pacific Boulevard in Sterling, Virginia on the outskirts of Dulles International Airport. The property is 100 percent leased and occupied. Tenants include, Christos Building Services, Plan-It Granite, Cabinet Craft, Metropolitan Carpet, US Vending and SK Real Estate.
“The terms of the deal were extremely favorable for our client,” said Taft. “This was a highly competitive deal, and I am pleased that Cohen Financial was able to secure financing that truly exceeded our client’s expectations.” This is the second financing that Cohen Financial has arranged for the client. In December 2006, a similar refinance was arranged for the neighboring Staverton East property.
Terms of the five-year, interest only, non-recourse loan include an 80 percent loan-to-value ratio, priced under five and three-quarters percent. CWCapital’s Atlanta office funded the transaction. The client is a Washington, D.C. based real estate entrepreneurial group that developed the property in 2005. The loan closed on June 5, 2007.
About Cohen Financial
Cohen Financial is a national real estate capital services firm offering debt and equity placement, investment brokerage, loan administration and advisory services. The company is recognized as one of the nation’s largest originators of commercial real estate financing. Since 2004, the company has completed over $14.1 billion in debt, equity and investment sale transactions; provided advisory services on more than $1 billion of assets and maintains a loan servicing portfolio of more than $4.5 billion. Cohen Financial serves clients throughout the U.S. from offices in 11 major markets.
Cohen Financial has been actively closing deals in the Washington, DC area. The company recently opened a regional office. Bill Curtis, Director of Capital Markets and Adrian Corbiere, formerly head of Freddie Mac’s $100 billion multifamily portfolio, are based in Cohen Financial’s Washington, D.C. office. Mr. Corbiere recently joined Cohen Financial as Executive Vice President in charge of expanding the firm’s national presence. For more information, visit the company’s Web site at www.cohenfinancial.com.
