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Recent Transaction
October 2008

To Learn More, Contact:

Bruce Krall
Managing Director
866.315.6209

4675 MacArthur Ct.
Suite 1410
Newport Beach, California 92660

Cohen Financial Arranges
$42 Million Bridge Financing
Office Portfolio - Arizona, Colorado and Texas

Cohen Financial has arranged a $42 million bridge loan for a very prominent Southern California real estate company to refinance CMBS debt and provide significant cash-out. The collateral is a portfolio of three class B/B+ office buildings located in the Southwest United States.

Bruce Krall, a managing director in the Newport Beach office of Cohen Financial represented the borrower in arranging the financing. The lender is a life insurance company with whom Cohen Financial has a long standing relationship and has completed a significant amount of financing. The 65% LTV floating rate bridge loan closed October 1, 2008, and has an initial term of three years, with two one-year extension options available. The loan featured no holdbacks for reserves.

Property Highlights

Three class B/B+ office buildings
Combined total of approximately 500,000 sq. ft.
Located in Arizona, Colorado, and Texas
Multi-tenant
Professionally managed

Financing Highlights

Significant cash out
Non-recourse
Interest Only
No reserves for capital replacements or tenant rollover
No warm bodies on the carve outs
Variable rate, locked to prepayment year one but open to prepayment at no cost thereafter

Deal Challenges

The current declining economic environment made this financing quite challenging, however, due to the strength of the borrower and the relationship with Cohen Financial, the lender never wavered on closing the deal. Even though there was a fair amount of vacancy in the buildings, and one of the buildings has a major tenant rolling in the next eighteen months, Cohen Financial was able to get the lender comfortable with the diversified risk of three assets in three different markets cross collateralized.

About Cohen Financial

Cohen Financial is a national real estate capital services firm offering debt and equity placement, investment brokerage, loan administration, and advisory services. In 2008, the company marks 30 years of capital markets experience and is recognized as one of the nation’s largest originators of commercial real estate financing. Cohen Financial serves clients throughout the U.S. from offices in 9 major markets.

For more information, visit the company’s Web site at www.cohenfinancial.com