Cohen Financial Secures $27.7M Construction Loan Miami Condo
========================
Miami, Fla.—Cohen Financial has secured a $27.7 million construction loan for BrickellHouse, a 46-story luxury condo property located at 1390 Brickell Ave. in Miami, Fla. The asset will feature 374 units and is one of the first large condo developments to start construction in the current cycle. There is certainly pent up demand considering that the building is substantially sold out.
“The lender was extremely responsive as they know the market well and were familiar with the asset,” says Daniel Sheehan, senior managing director at Cohen Financial. “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.”
An institutional real estate debt fund providing the funding. Sheehan worked along with Eric McGlynn, director at Cohen Financial. The $170 million project is being developed by Newgard Development Group.
=============================================
http://www.multihousingnews.com/news...004094547.html