Cathy Bronkema

   KENTWOOD, MI – Cohen Financial secured $11.6 million in acquisition financing by year end for a 462,000 square foot, multi-tenant industrial property located at 4700 Broadmoor. The property is 100% occupied.

   The borrower, who was not identified, is a Chicago-based commercial real estate owner and investor. The seller was not identified.
    Cathy Bronkema, Partner and Executive Vice President of Cohen Financial in the Grand Rapids office, arranged the fixed rate, non-recourse, 10-year term loan with a national CMBS lender. The transaction closed on Dec. 28, 2012.
   Bronkema tells GlobeSt.com that the rapidity to financing the sale was key for all parties involved.
   “Our client was extremely pleased that I secured the acquisition financing within 30 days to meet both the seller and buyer’s year-end deadline,” Bronkema says. “The industrial market in West Michigan is very tight with a low market vacancy rate of around 5% and limited quality product similar to the 4700 Broadmoor property. As such, the fundamentals are trending up, and we are seeing out-of-state investors looking for properties in Michigan to secure enhanced yield.”
   Bronkema closed on three other deals in the fourth quarter of 2012, securing financing of about $21.5 million for investors in those separate transactions.
   ”Investors are coming from around the country to get yield,” Bronkema tells GlobeSt. “On a cost basis it makes sense to be here.”
   In the state as a wholele, “there has been healthy investor appetite,” for commercial real estate, Bronkema tells GlobeSt, adding that “investors want to be in the Michigan market, especially in Western Michigan.”
   Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, investment brokerage, loan administration and advisory services.