Grand Rapids, MI (July 14, 2017) – Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced today that Cathy Bronkema, Managing Director in the Grand Rapids office, has secured a $4 million refinancing loan for a single-tenant industrial property. The 121,500 square-foot property is located in Romulus, Michigan, a suburb of Detroit.
Cohen Financial secured the fixed-rate, 15- year term loan with 15-year amortization and a 60 percent loan-to-value (LTV) through a Life Insurance Company for a local developer. The transaction closed on June 28.
“The Detroit market has definitely rebounded from the recession,” said Bronkema. “Life companies are actively making loans in this market, highlighted by lenders’ interest in a strong industrial market to a non-publicly- traded tenant.”
The loan is secured by a building 100 percent leased to a single-tenant user that primarily services the automotive sector. “Three to four years ago, this type of loan would be tough to place. However, the current economics have improved throughout the region; manufacturers are driving the economy and life lenders are willing to go there again,” added Bronkema.
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