To Learn More, Contact:

Kevin M. O'Grady
Managing Director
866.315.6501

Daniel R. Sheehan
Managing Director
866.315.6503

1001 Brickell Bay Dr.
Suite 2112
Miami, Florida  33131
TEL 305.379.1672
FAX 305.379.8989

Cohen Financial Arranges
$233.5 Million Credit Facility
Biscayne Landing - North Miami, FL  MAP

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Cohen Financial has arranged a $233.5 million credit facility for Boca Developers’ landmark community, Biscayne Landing in North Miami, Florida. The proceeds will refinance current debt and provide funds for infrastructure and amenity development at the 193-acre master-planned community. Kevin M. O’Grady and Daniel R. Sheehan, both Managing Directors of Cohen Financial’s Miami Office, represented Boca Developers in arranging the financing. The lender is an institutional investment bank. The facility, which closed at the end of April 2007, has an initial term of two years and will allow flexibility as to how this urban development is phased.

Property Highlights

Biscayne Landing, a public/private venture developed with the City of North Miami, contains a total of approximately 193 acres along Biscayne Boulevard between NE 135th and NE 151st Streets, and will be effectively a town within itself. This in-fill mixed-use development will feature:

• 6,000 residential units spread over 44 buildings ranging from townhouses, mid-rises, and high-rises
• An Olympic training facility
• A hotel
• A town center with up to 400,000 SF of office/retail
• Miles of walking and biking trails
 

Deal Challenges

Even though the overall real estate market fundamentals remain quite healthy in South Florida, the downturn in residential sales due to oversupply made this financing challenging. However, Wall Street investment firms strongly endorsed this deal due to the client’s ability to take advantage of such a large-scale urban community development. Since the property is approved for multiple uses, Boca Developers has adjusted and diversified its master plan to respond to current and near-term market conditions.

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. The company is recognized as one of the nation’s largest originators of commercial real estate financing. Since 2004, the company has completed over $13.6 billion in debt, equity and investment sale transactions; provided advisory services on more than $1 billion of assets and maintains a loan servicing portfolio of more than $4.5 billion. Cohen Financial serves clients throughout the U.S. from offices in 10 major markets.

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

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