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Cohen Financial Sources Debt for Indiana Retail Buy
Cohen Financial’s Dan Rosenberg and Matt Terpstra sourced a $10.719-million, 10-year term loan with Goldman Sachs for the acquisition of Bell Oaks Centre in Newburgh, IN, within the Evansville metropolitan area.
The sponsor is Midland Atlantic Properties, a full-service commercial real estate firm with offices in Cincinnati and Indianapolis. Bell Oaks is a 95,000-square-foot retail center anchored by a 63,000-square-foot Schnucks supermarket. The property is 98% leased and also includes a developable parcel, according to Midland Atlantic.
“Bell Oaks is a highly occupied, well positioned grocery-anchored shopping center located on a thoroughfare that connects surrounding neighborhoods to Indiana 66, a state highway that runs along the Southwest border of Indiana,” said Rosenberg. “Many of the tenants have long-term leases that date back to the ‘90s.”
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