SAN FRANCISCO- Those who follow @GlobeStcom on Twitter may have seen a post teasing the announcement a few days ago, but GlobeSt.com has exclusively learned that Cohen Financial has secured a total of $48.75 million for 12 multifamily properties in and around San Francisco. A locally based CRE multifamily investor refinanced two properties here for $15.7 million and secured $33 million to acquire 10 properties in the area.

Kenneth M. Fox, a managing director in Cohen Financial’s San Francisco office, originated the competitively priced, fixed-rate loans for the investor. Cohen Financial secured a total of $15.7 million from a Northern California bank to refinance two apartment properties. Fox could not disclose further information or the identity of the investor at this time.

The 63-unit apartment property located at 16th Street and a 40-unit apartment building at 250 Taylor St. are both properties located over street level commercial space in San Francisco.

Cohen Financial also secured $33.056 million in acquisition financing for the investor for a portfolio of 10 multifamily properties. Eight of the properties are located in Marin County, one in Napa County and one in Sonoma County. 

The 10 properties include 275 apartment units in total. The acquisition loans were financed by three regional California banks and Fannie Mae in association with Greystone Servicing Corporation Inc.

According to Fox, “This was a difficult transaction.” Fox tells GlobeSt.com that what made it so difficult was “the combination of the ‘B’ class quality of the improvements combined with the fact that the 10 individual properties had unit counts ranging from 9 to 52 units with five of the properties totaling 18 units or less.”

Most lenders, he adds, did not want to deal with the small properties because of small unit count. “As such, Cohen Financial was forced to split the transaction up into four parts funded by four different lenders.”