KANSAS CITY—Cohen Financial, a national real estate capital services firm based in Chicago, has, in affiliation with their equity investment partner Artis Advisors, secured $39.9 million in equity financing for the acquisition of Legends Outlets Kansas City.
The property is a 1.2-million-square-foot outdoor mall located 12 miles west of downtown Kansas City, Kansas, near the junction of I-70 and I-435. The mall is located in a growing entertainment and retail district that features the Kansas Speedway, a casino, a professional soccer stadium and the Nebraska Furniture Mart, a 450,000-square-foot showroom. The area draws an estimated 10 million visitors annually. The property is 94 percent leased.
Kevin O'Grady, the senior managing director of Cohen Financial and head of the company's equity practice, and Matt Grant, vice president, both in the firm's Miami office, in addition to Artis officials, secured the financing from a New York private-equity firm. The borrower is Red Development. The transaction closed in the second quarter.
“Cohen Financial and Artis Advisors partnered over a year ago to structure securities assignments to complement Cohen Financial's equity platform and broker dealer business,” O'Grady says. “The relationship has resulted in several joint closings of both securities business and joint venture limited partnership investments. We have several more that we are jointly executing and are very pleased with our joint business.”
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