San Francisco– Cohen Financial, a national real estate capital services firm, today announced that it has secured a $21 million refinancing for a FedEx Express air/ground/transportation facility located less than a mile from the Federal Express Super Hub, one of 10 international FedEx hubs, located at the Oakland International Airport in Oakland, California. This FedEx Express facility can accommodate both light and heavy weight segments of the business. The facility packages, sorts, and transfers to the Oakland Super Hub’s outbound flights for distribution to most markets in the Western U.S. and Canada, Anchorage and Honolulu, as well as receives packages from inbound flights for distribution to the San Francisco Bay Area.
Paul Schroeder, a Managing Director in Cohen Financial’s San Francisco office, secured the fixed-rate, long-term, non-recourse financing. The lender is Sun Life Financial, a Cohen Financial correspondent life insurance company. The borrower is a local commercial real estate developer. The transaction closed in June 2013.
“This was a challenging assignment,” said Mr. Schroeder. “We had to address several issues when structuring this transaction, including the single-tenant occupancy, past environmental concerns associated with the site and location. However we were able to work with the lender and borrower to craft a loan structure that met our borrowers needs due to the properties major attributes; a 33-acre site with a very high land value. Also of note, our client is a repeat borrower and has a good relationship with this lender.”
About Cohen Financial
Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, investment brokerage, loan administration and advisory services. The company was named top originator for specialty finance in the MBA 2012 Commercial Real Estate/Multifamily Finance Firms–Annual Origination Volumes report. Cohen Financial is well recognized as one of the nation’s leading loan servicers and special servicers, as well as an originator of commercial and multifamily real estate financing. Known for finding innovative solutions to meet client needs, the company recently launched an Equity Practice to help borrowers complete their capital needs and an enhanced Capital Advisory and Valuation Services to assist financial institutions and investors to better evaluate assets and investment opportunities. Cohen Financial serves clients throughout the U.S. from offices in 10 major markets