Primary Capital Promotes Cohen

Cohen arranged financing for about $100 million in condo conversions in 2004. Among his larger deals were the $17.5-million financing for the 194-unit La Costa Brava Condominiums; $30 million for the 207-unit Ocean Grove Condominiums; $18.5 million for the 448-unit Palms at Livingston Apartments; and $11.4 million for the 150,000-sf, mixed-use office and retail Thornton Park Central development.

"He has created and nurtured a strong network of borrowers that are the keys to long-term success in our business," says Faron Thompson, managing director of Primary's Income Capital Group. Cohen has handled $300 million in loan production since January 2002.

"Apartment owners, struggling with less-than-stellar rental increases and increasing operating expenses of real estate taxes and property insurance, are finding it much easier to sell to a condo converter or convert themselves to take advantage of the higher profits," Cohen tells GlobeSt.com. Prior to joining Primary Capital, Cohen was a manager with Ocwen Federal Bank responsible for the ongoing valuations of a $1-billion nationwide portfolio. He also was a senior appraiser with Orlando-based Pardue Heid Church Smith & Walker before moving to Ocwen. Cohen was graduated from the University of Florida in 1991 with degrees in real estate and finance.

BCD Holdings, a Dutch family-owned company that focuses on the travel and financial services industries, is Primary Capital Advisors' parent. Besides multifamily and retail, Primary Capital also does deals with office, light industrial and warehouse properties.