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Cohen Financial Originates Bridge Loan on Grand Rapids Multifamily
Cohen Financial’s Cathy Bronkema has arranged an $11-million short-term bank loan with SunTrust for the acquisition of Cottonwood Forest Apartments in Jenison, MI, a suburb of Grand Rapids. Cottonwood Forest Apartments features 160 one and two-bedroom units in the property’s two-story, townhouse style buildings.
Bronkema secured the short-term financing to acquire the asset and to reposition and upgrade the units. The borrower was Trillium Investments, a longtime Cohen Financial client and Grand Rapids-based multifamily owner/operator.
“We originated the bridge loan with SunTrust to acquire the property and to execute Trillium Investments unique, value-add strategy to increase Cottonwood Forest’s position in the Grand Rapids marketplace,” said Bronkema. “Serving our clients as a one-stop shop for securing both short and permanent debt financing, we will be able to deliver a long-term Agency or FHA loan once the asset has been repositioned.”
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