Source: CRENews

Property Markets Group and Madison Equities have lined up a $95 million construction loan against a residential condominium property at 10 Sullivan St. in Manhattan. Mission Capital Advisors arranged the five-year loan.


Friday, March 28, 2014

NYC Condo Building Gets

$95Mln Construction Loan

New York Observer

Property Markets Group and Madison Equities have lined up a $95 million construction loan against a residential condominium property at 10 Sullivan St. in Manhattan. Mission Capital Advisors arranged the five- year loan.
The 23-unit building, at 6th Avenue in Soho, will be completed in about two years.

Reprinted with permission from Commercial Real Estate Direct

Copyright ©2014 www.crenews.com

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Source: CoStar Group

Mission Capital Advisors debt and equity finance group has arranged a $95 million construction loan for Property Markets Group and Madison Equities’ planned luxury residential development at 10 Sullivan St. in New York City.

Mission Capital Secures $95M Construction Loan

Luxury Condos Planned for SoHo

By Justin Sumner

March 27, 2014

Mission Capital Advisors debt and equity finance group has arranged a $95 million construction loan for Property
Markets Group and Madison Equities' planned luxury residential development at 10 Sullivan St. in New York City.
Jason Cohen, Ari Hirt, Steven Buchwald and Jamie Matheny secured the financing at an 80% loan-to-cost with a five-year term. A lender provided the non-recourse loan.
Located in Manhattan's SoHo neighborhood between Sixth Avenue, Spring and Broome Streets, the for-sale project will consist of 19 luxury condominiums in a 16-story tower above ground-floor retail space, a residential lobby, storage, and a resident gym. A ten-space parking garage and four five-story townhomes will finish the site.
"The realization of non-recourse, 80-percent loan-to-cost construction financing for a ground-up condominium development is incredibly rare in the current market cycle," said Cohen. "Mission Capital’s ability to find a lender that not many companies can reach was a major factor in closing the deal. While the lender has been very selective in the loans it has closed the United States, we were able to demonstrate that the project is well positioned to enable ownership to repay the loan through condominium sales.

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Mission Capital Advisors announced that its Debt & Equity Finance Group has arranged $95 million in construction financing on behalf of Property Markets Group and Madison Equities.

Media Contact: John Yocca jyocca@beckermanpr.com

201-­‐465-­‐8018

Mission Capital Secures $95-­‐Million Construction Loan for Luxury Condominium Development at 10 Sullivan Street in NYC’s SoHo Neighborhood

Debt & Equity Finance Group Obtains Extremely Rare 80-­‐Percent Loan-­‐To-­‐Cost Financing on Behalf of Property Markets Group and Madison Equities

NEW YORK (March 27, 2014) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group has arranged $95 million in construction financing on behalf of Property Markets Group and Madison Equities. The loan will be used for the development of 10 Sullivan Street, a luxury residential property in the heart of Manhattan’s

SoHo neighborhood.
A for-­‐sale project, 10 Sullivan Street will consist of 19 luxury condominium units in a 16-­‐story tower, as
well as four five-­‐floor townhomes and a 10-­‐space parking garage.
A Mission Capital team of Managing Director Jason Cohen, Director Ari Hirt, Associate Director Steven Buchwald and Analyst Jamie Matheny secured the 80-­‐percent loan-­‐to-­‐cost financing. The non-­‐recourse loan has a five-­‐year loan term including all extension options.
“The realization of non-­‐recourse, 80-­‐percent loan-­‐to-­‐cost construction financing for a ground-­‐up condominium development is incredibly rare in the current market cycle,” Cohen said. “Mission Capital’s ability to find a lender that not many companies can reach was a major factor in closing the deal. While the lender has been very selective in the loans it has closed the United States, we were able to demonstrate that the project is well positioned to enable ownership to repay the loan through condominium sales.”
Located on Sullivan Street between Sixth Avenue, Spring Street and Broome Street, 10 Sullivan Street is in proximity to some of the best shopping and restaurants that New York City has to offer. The project will be unique within the neighborhood, as the site’s distinct shape will allow for several full-­‐floor units with 360-­‐degree views, including a duplex and triplex within a spectacularly designed tower resembling the Flatiron Building.
The tower will also feature ground-­‐floor retail space, a residential lobby, storage and a gym for
residents.

About Mission Capital Advisors

Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Mobile, Al. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45 billion of loan sale and financing transactions, as

well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-­‐leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information,

visit www.www.missioncap.com.

Download icon PDF File 63.27 KB Download
Source: Commercial Observer

Property Markets Group and Madison Equities secured $95 million in construction financing for their luxury condominium development at 10 Sullivan Street from an undisclosed lender, according to executives at Mission Capital Advisors, which brokered the deal. The five-year non-recourse loan was negotiated by Mission’s Managing Director Jason Cohen, Director Ari Hirt, Associate Director Steven Buchwald and Analyst Jamie Matheny. The loan will be used to build a 16-story luxury condominium and townhouse project in Soho.

COMMERCIAL

OBSERVER

PMG and Madison Secure $95M

Construction Loan for Soho

Condo Project

BY GUELOA VOIEN I3127 5.23PM

Property Marketa Group and Madlaon Equities secured $95 million in construction financing for their luxury condominium development at 10 Sullivan Street from an undisclosed lender, according to executives at Mlaalon Capital Advlaors,which brokered the deal.

The five-yaar non-recourse loan was negotiated by Mission's Managing Director Jaaon Cohen, Director ArlHlrt, Associate Director Steven Buchwald and Analyst Jamie Matheny.The loan will be used to build a 16-story luxury condominium and townhouse project in Soho.

The project consists of 19 luxury condos and four fee-simple five-floor townhomes,as well as parking. The building should be complete in 24 months,Mr.Hirt said.
The loan was interesting,as an offshore lender provided the cash without recourse.

ent

condominium development is incredibly rare in the current market cycle•, Mr. Cohen said in a statement.

A rondo<oliO S..livanSUOCI

for comment.
Loans providedby offshore lenders are a relatively rare occurrence. Messrs.1-irt and Cohen declined to name the entity.
Neither PMG nor Madson immedately returned calls
"There is a lot of money that has been raised,people looking for deals,• in the offshore market, Mr.Hirt said.He added that the loan,the rate for which he declined to state,was "unexpectedly low for this leverage•.

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Source: RE Business Online

Mission Capital Advisors has arranged $33 million in financing on behalf of New York-based investment and management company Icon Realty Management.

REBUSINESS

ONLINE

Northeast News

March 19, 2014

NEWS • RESOURCES • DIRECTORIES

For Commercial Real Estate'Executives

RKF ARRANGES $60M SALE OF INDUSTRIAL PROPERTY IN LONG ISLAND CITY

NEW YORK CITY-RKF has arranged the $60 million sale of a 322,390-
square-foot Industrial propeny located at 47-25 34th St In Long Island City.RKF previously represented the owner of the building 13 months ago when they acquired the property for $40.7 million. In this latest transaction, Jeff Fishman of RKF represented the seller of the building,a pair of
tenantsin-oommon entities managed by BLDG Associates Inc.Empire Leasing and Development Inc. represented the buyer, Brickman 34th St LIC LLC. The three-story building Is located between Queens Boulevard
and the Long Island Expressway.

MISSION CAPITAL ARRANGES $33M LOAN FOR THE GEM HOTEL CHELSEA

NEW YORK CITY-Mission CapitalAdvisors has arranged $33 million in

financing on behalf of New Yorkbased investment and management company Icon Realty Management The financing,a combination of CMBS

and mezzanine, was arranged to refinance The GEM Hotel Chelsea,an

81-key,upscale boutique hotel located at 300 West 22nd St In Manhattan. GeminiReal Estate Advisors manages the hotel. Jordan Ray, Jason

Cohen and Ari Hin of Mission Capital secured the five-year loan. The first­ mortgage financing includes a CMBSloan with a 30year amortization schedule and interest-only mezzanine financing. In addition to 81hotel rooms,the five-story building features retail space leased to Forager's

Counter,a high-end gourmet market

l

MMCC ARRANGES $27M LOAN FOR SEVEN­ PROPERTY RETAIL PORTFOLIO

PHILADELPHIA-Marcus & Millichap CapitalCorp. (MMCC)has
arranged a $27 million loan for the refinancing of a seven-propeny retail portfolio in Philadelphia. The 10year loan includes a 3.6 percent fixed interest rate for the first five years and a 30year amortization schedule. After five years, the rate will reset at 180 basis points over the five-year Federal Home Loan Bank rate. John Banas and Kris Wood In MMCC's
Philadelphia office arranged the loan.

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Source: Lodging Magazine

Mission Capital Advisors’ debt and equity finance group arranged $33 million in financing on behalf of New York-based investment and management company Icon Realty Management. The financing, a combination of CMBS and mezzanine, was arranged to refinance The GEM Hotel Chelsea, an 81-key, upscale boutique hotel in Manhattan, managed by Gemini Real Estate Advisors.

Visit External Link
Source: CRENews

KeyBank, special servicer of a $112 million CMBS loan against 42 skilled-nursing properties in Texas, has tapped Mission Capital Advisors to offer the troubled loan for sale.



Wednesday, March 14, 2014

Mission Capital to Market Distressed Nursing-Home Loan

KeyBank, special servicer of a $112 million CMBS loan against 42 skilled-nursing properties in Texas, has tapped Mis- sion Capital Advisors to offer the troubled loan for sale.
The loan, securitized through GMAC Commercial Mort- gage Securities Inc., 1998-C1, has been with KeyBank for some 12 years, making it the longest tenured loan in special servicing. It originally matured in 2008, but was repeatedly extended through last August.
Only 34 of the 42 properties, with 3,252 licensed beds, are currently in operation. The remainder, with 594 beds, are closed. Those that are open operate at a 60 percent occupancy rate and last year generated $5.6 million of earnings before interest, taxes, depreciation and amortization, according to servicer data compiled by Trepp LLC. All of the properties rely on some sort of government payment for revenue, either Medicare or Medicaid.
The loan originally had a balance of $225.4 million and was collateralized by 88 nursing homes in Texas and Illinois that Senior Living Properties LLC of Dallas had acquired in 1998 for $246 million.
The company, unable to muster a large enough loan to fund its purchase, had lined up a surety bond from ZC Specialty Insurance Co., a unit of Zurich Insurance Group, that provid- ed a financial backstop. In exchange for a hefty premium – 70 percent of the portfolio’s free cash flow after $4 million – the Zurich unit would ensure that service providers to the prop- erties would be paid, thereby reducing the risk that occupancy would decline.
Armed with the surety bond, Senior Living, which filed for bankruptcy in 2002, was able to get a total of $246 million of

Reprinted with permission from Commercial Real Estate Direct

Copyright ©2014 www.crenews.com
financing, which included a $20 million mezzanine loan, from GMAC. The Dallas company, according to legal briefs filed during its bankruptcy, put up only $200 of equity toward the portfolio’s purchase.
Because of changes in the way nursing homes were reim- bursed by Medicare and Medicaid, the portfolio started suffer- ing in 2000. That eventually led to Senior Living’s bankruptcy filing. It then was ordered to liquidate its portfolio and by
2006 had sold off its Illinois holdings. Proceeds of those sales, plus the $70.7 million that was remaining in the surety bond, were applied to reducing the CMBS loan’s balance.
The loan was repeatedly extended and in 2010 its collateral properties were put up for sale, but soft demand and tough capital-market conditions stymied a transaction. Another sales effort got under way in 2012, but it too failed to result in a transaction.
The loan is the last in the collateral pool for the GMAC
1998-C1 deal. Its collateral properties are scattered throughout
Texas in towns such as Gilmer, Waxahachie, Roscoe and Lake
Jackson, and were constructed during the 1960s and 1970s.
The thinking is that some of the properties might have a
better alternative use, which might make those appealing to
opportunistic players. A number, meanwhile, perform well,
with occupancy rates near 90 percent. Those might interest
certain institutional players.
Mission Capital last week started distributing information
on the loan offering and plans to take indicative bids on April
2 and final bids the day after. It aims to complete a sale by
May 2.

Download icon PDF File 53.63 KB Download
Source: The Real Deal

Icon Realty Management has secured $33 million in financing for Chelsea’s GEM Hotel, replacing an initial $22 million mortgage closed in January of 2012. The first mortgage and mezzanine financing, arranged by Mission Capital Advisors and provided by Ladder Capital, was split between a CMBS loan with a 30-year amortization and an interest-only mezzanine facility,

Visit External Link

Mission Capital announced that its Debt & Equity Finance Group arranged $33 million in financing on behalf of New York-based investment and management company Icon Realty Management. The financing, a combination of CMBS and mezzanine, was arranged to refinance The GEM Hotel Chelsea, an 81-key, upscale boutique hotel located at 300 West 22nd Street in Manhattan, managed by Gemini Real Estate Advisors.

Media Contact: John Yocca jyocca@beckermanpr.com

201-­‐465-­‐8018

Mission Capital Advisors Arranges $33 Million Permanent First Mortgage and Mezzanine Financing for The GEM Hotel Chelsea

Permanent Hotel Financing Secured on Behalf of Icon Realty Management

NEW YORK (March 11, 2014) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group arranged $33 million in financing on behalf of New York-­‐based investment and management company Icon Realty Management. The financing, a combination of CMBS and mezzanine, was arranged to refinance The GEM Hotel Chelsea, an

81-­‐key, upscale boutique hotel located at 300 West 22nd Street in Manhattan, managed by Gemini Real Estate Advisors.
A Mission Capital team led by Managing Directors Jordan Ray, Jason Cohen and Director Ari Hirt secured the financing, which has a five-­‐year term. The first-­‐mortgage financing comes in the form of a CMBS loan with 30-­‐year amortization and interest-­‐only mezzanine financing.
The GEM opened in 2008 after Icon completed a major gut rehab and repositioning. Since opening, the
hotel has experienced dramatic improvements in occupancy and average daily rate.
“By leveraging Mission Capital’s vast network of relationships with lenders around the country, we were able to secure this low-­‐cost financing for The GEM Hotel Chelsea,” Ray said. “In 2012, Mission Capital arranged $27 million in senior and mezzanine financing for the project. Now, less than two years later, we were able to arrange a $33 million loan. The heightened interest in the project is reflective of the value that Icon has added over the years and Mission Capital’s successful marketing efforts.”
The GEM Hotel is situated on a prime corner in Chelsea, which is one of New York’s most vibrant and sought-­‐after neighborhoods. The property attracts significant demand from the neighborhood’s leisure attractions, which include the High Line Park, Chelsea Piers, the Chelsea historic district, the Fashion Institute of Technology, trendsetting cafes and restaurants, notable art galleries and designer boutiques.
In addition to 81 hotel rooms, the five-­‐story building features retail space leased to Forager’s Counter, a
high-­‐end gourmet market.

About Mission Capital Advisors

Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Mobile, Al. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45 billion of loan sale and financing transactions, as

well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-­‐leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information,

visit www.www.missioncap.com.

Download icon PDF File 58.95 KB Download
Source: Commercial Observer

Mission Capital Advisor’s Debt & Equity Finance Group has arranged $33 million in permanent first mortgage and mezzanine financing on behalf of Icon Realty Management to refinance existing debt on The GEM Hotel Chelsea.

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Mission Capital Secures First Mortgage and

Mezzanine Financing for Chelsea Hotel

BY DAMIAN GHIGLIOTTY (/AUTHOR/DAMIAN-GHIGLIOTTY/) MARCH 11, 2014, 8 A.M.

THE GEM HOTEL CHELSEA



Mission Capital Advisors’ debt & equity finance group has arranged $33 million in permanent first mortgage and mezzanine financing on behalf of Icon Realty Management to refinance existing debt on The GEM Hotel Chelsea, Mortgage Observer has exclusively learned.
The financing, provided by Ladder Capital, was divided between a CMBS loan with 30-year amortization and an interest-only mezzanine loan, a person familiar with the negotiations said on the condition of anonymity.
The new debt replaces a $22 million first mortgage from Natixis Real Estate Capital, which closed in January 2012, and a $5 million mezzanine loan from an unnamed lender. Mission Capital also negotiated those deals.
The brokerage firm’s managing directors Jordan Ray and Jason Cohen and director Ari Hirt led negotiations on the latest round of refinancing, which carries a five-year term. The new debt closed on Feb. 28.
“By leveraging Mission Capital’s vast network of relationships with lenders around the country, we were able to secure this low-cost financing,” Mr. Ray said. “In 2012, Mission Capital arranged $27 million in senior and mezzanine financing for the project. Now, less than two years later, we were able to arrange a
$33 million loan.”
The GEM, an 81-key boutique hotel managed by Gemini Real Estate Advisors, opened in 2008 after New
York-based Icon completed a gut renovation and repositioning of the property.
In addition to the 81 guest rooms, the five-story building located at 300 West 22nd Street includes retail space leased to the restaurant and grocery market Foragers City Table and Foragers City Grocer. The hotel property, located near the High Line and Chelsea Piers, has seen vast improvements in its occupancy and average daily rate since it opened, Mr. Ray noted.
“The heightened interest in the project is reflective of the value that Icon has added over the years and
Mission Capital’s successful marketing efforts,” he said.


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(/realgraph/buildings/231-8th-ave-new-york-ny)

KEYWORDS: Gemini Real Estate Advisors (/tag/gemini-real-estate-advisors/), 300 West 22nd Street (/tag/300-west-22nd-street/), Ladder Capital (/tag/ladder-capital/), The

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Source: NY Real Estate Journal

Mission Capital Advisor’s Debt & Equity Finance Group has arranged $13 million in preferred equity financing on a grocery-anchored shopping center.

More of Mission Capital Advisors secures $13 million preferred equity investment for grocery­ anchored shopping center

Westchester, NY According to Mission Capial Advisors, one of the

Front Section -February 25-10, 2014

Comments Ci1 Smaller Font

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leading nationalreal estate capi1almarkets solutions firms,its Debt &
Equity Finance Group has arranged $13 milion in preferred equity

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financing on a grocery-anchored shopping ce1ter.

A Mission Caphal team led by director Jonat1an More arranged the investment, which was provided by a shopping center investmenVdevelopment firm. In a compact timeframe, the Mission Capital team worked through the deal's S1ructural issues, and was able to swiftly canvass the market and create a competitive landscape to secure attractivelypriced capial at highly competitive terms.

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Jonathan More,Mission
CapitalAdvisors

According to More, this ultimate investor was attracted to the shopping center's high occupancy rate, grocer sales of 51,000 per slf, superb demographics and irrepal ceable infill location.He said the tenant roster has been predominately intact since the property's originaldevelopment nearly 30 years ago.

"The investment opportunity precluded the offering of the standard rights and remedies which generally accompany subordinate debt,a nuance which bifurcated the market's interest," More said. "Prior to commencing marketing efforts, our team thought creatively as to which types of sophisticated investors would immediately comprehend the property's overall value in seeing past the structural issues associated with the property capitalization. By tapping into Mission Capital's vast number of relationships with a wide range of capital sources, and leveraging the shopping center's superb collateral, we created a competitive market and transacted at attractive terms within a four· week timeframe."

[ <previous story next story > J

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