San Francisco (November 12, 2015) – Cohen Financial, a national real estate capital services firm, today announced that it has secured $5.95 million to refinance the AAA Self-Storage portfolio of five (5) self-storage facilities located in East Texas in Lufkin, Texas. The entire portfolio consists of 1,719 total units within 264,040 square feet. Each facility features recreational vehicle and boat storage spaces. Lufkin is located 120 miles north of Houston and 170 miles southeast of Dallas and all of the storage facilities are within a six-mile radius of each other.
Kenneth M. Fox, CCIM, a Managing Director in Cohen Financial’s San Francisco office, originated the fixed-rate, long term loan with Symetra Insurance Company. The borrower is a San Francisco Bay area investor/owner group. The transaction closed in October 2015.
“Securing a lender that was comfortable with refinancing this portfolio since it is located in such a small town and removed from an urban center was the greatest challenge we faced. We had to search for the correct lender prospect and in the end prevailed, securing competitively priced financing to meet our client’s refinancing needs,” said Mr. Fox.
Although a small town, Lufkin has shown steady growth over the last decade. Temple Inland, a Fortune 500 company, is headquartered in Lufkin and is one of the largest employers in the area. Other large employers include Lufkin Industries, Memorial Hospital Systems, Pilgrims Pride Chicken, Brookshire Brothers, and Wal-Mart.
About Cohen Financial
Cohen Financial is a diversified, commercial real estate capital services firm offering debt and equity placement, loan administration and advisory services. 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 maintains 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.