COHEN FINANCIAL ARRANGES $17 MILLION FOR 118-UNIT APARTMENT PROPERTY

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TURNWATER, WASH. — Cohen Financial has arranged a $17 million loan for the refinancing of the Tabula Rasa Apartments in Turnwater. Located at 1840 Trosper Rd. SW, the 136,700-square-foot property consists of 118 one-, two- and three-bedroom apartments, and an upscale clubhouse and leasing office. Peter Norrie of Cohen Financial secured the $17 million loan, which equated to a 70 percent loan-to-value and carried a 7-year term loan with a 30-year amortization schedule, the first 12 months interest only. The lender is GSE and the borrower is a Yakima, Wash.-based multifamily real estate developer.

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