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10/19/15
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Cohen Financial’s Peter Norrie secured $11.5 mil in long-term, fixed-rate loans for two office properties and a self-storage facility located in Portland, OR.
In one of the deals, Cohen arranged a $5.2 mil loan for Willamette Wharf, a 48k sf, two-story office building located on the Willamette River in John’s Landing. A second deal was a $3.3 mil loan for the Airport Business Center, a 37.5k sf, concrete tilt-up single-story office/flex property located a mile south of the Portland International Airport for the same borrower. The third transaction was a $3 mil loan for Baseline Mini Storage, a 40k sf, self–storage facility comprised of 457 units and built in 1995.
The Willamette Wharf and Baseline Mini Storage properties were 95 percent occupied at closing. A Midwest correspondent life insurance company funded 10-year, non-recourse loans on 25-year amortization schedules for both of those properties.
The Airport Business Center property was 90 percent leased. A local credit union provided a five-year, fixed-rate loan on a 25-year amortization, with an option to extend the term an additional five years. The recourse loan was funded at 75 percent LTV.
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