Month: May 2014

Mission Capital announced that its Debt & Equity Finance Group has arranged $11 million in first-mortgage financing for 40 Wooster Street, a six-story, office building located in Manhattan’s coveted SoHo neighborhood.

Media Contact: John Yocca jyocca@beckermanpr.com
201-­‐465-­‐8018

FOR IMMEDIATE RELEASE

Mission Capital Advisors Arranges $11 Million in First-­‐Mortgage Financing For

40 Wooster Street in New York City

Completed on Behalf of Northwind Group, Deal Reflects Mission Capital’s Ability to Identify Unique Capital Sources in Key Markets

NEW YORK (May 23, 2014) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group has arranged $11 million in first-­‐ mortgage financing for 40 Wooster Street, a six-­‐story, office building located in Manhattan’s coveted SoHo neighborhood.

A Mission Capital team led by Jonathan More, Steven Buchwald and Jamie Matheny secured the non-­‐ recourse loan on behalf of Northwind Group, which will use the loan to finance the acquisition of the property.

“By leveraging Mission Capital’s robust network of strategic relationships, we were able to identify a specialty finance company that had not previously completed a deal in Manhattan and was keen to do so,” More said. “Our team was able to help the lender recognize the substantive value of the asset, superb property location and excellent pedigree of this reputable sponsor. Northwind Group continues to acquire unpolished gems throughout Manhattan and we are very proud of our growing relationship with the firm.”

Located in downtown Manhattan, 40 Wooster Street is a classic terra cotta building located within the
historic Cast Iron district.

“Mission Capital continues to identify opportunities that afford well capitalized sponsors attractive financing to acquire value-­‐add projects and in today’s competitive landscape, we’ve emerged as a true leader,” More said. “For this particular deal, the property’s exceptional conditions played an important role in attracting competitive financing.”

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.

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Source: CRENews

Mission Capital Advisors has started offering a portfolio of distressed commercial mortgages and foreclosed properties with a principal balance of $57 million. The New York loan-sales adviser is offering the portfolio, of seven loans and four properties, on behalf of a CMBS special servicer that’s said to be CWCapital Asset Management, for which it previously has sold a number of assets.

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Source: Globe Street

Beverly Pacific LLC has secured $15-million is first mortgage financing the Palihouse in West Hollywood, a 37-room boutique hotel. The borrower will use a portion of the funds to renovate the hotel, including guest rooms, the lobby and common areas. Mission Capital Advisors secured the financing on behalf of the borrower.

Last Updated: May 13, 2014

Boutique Hotel Sources Capital for

Renovation

By Kelsi Maree Borland | Los Angeles


LOS ANGELES—Beverly Pacific LLC has secured $15-million is first mortgage financing the Palihouse in West Hollywood, a 37-room boutique hotel. The borrower will use a portion of the funds to renovate the hotel, including guest rooms, the lobby and common areas.
Our client closed on the asset very quickly, off market and all cash," Jordan Ray, managing director of Mission Capital's debt and equity finance group," tells GlobeSt.com. Ray secured the financing on behalf of the borrower along with Mission Capital associate director Steven Buchwald and director Gregg Applefield. "The business plan was always to secure the appropriate debt," he adds. The loan equates to $405,000 per room. Beverly Pacific also has plans to build a rooftop lounge and bar on the hotel rooftop.
The terms of the loan are not disclosed, however, Ray could say that Mission Capital was able to secure a low interest rate. "It was one of the lowest spreads we have seen for this asset class – due to the strength of the asset and sponsor," he says. "The goal was to find the best priced moderate leverage in the market and we achieved that as well as helped to start a new banking relationship that can benefit both sides."
Palihouse is a long-term stay hotel with studio, one- and two-bedroom guest suites as well as loft- style residences.
Although there has been much news about the hotel renaissance in Downtown Los Angeles, fueled mainly by the Wilshire Grand project, West Hollywood is also attracting hotel developers.

Earlier this year, GlobeSt.com reported that the James Hotel brand is building its first West Coast hotel in West Hollywood on Sunset Blvd. The CIM Group and Denihan Hospitality Group are behind the project, which will mark the first ground-up hotel built in the area in more than 30 years. The 10-story property will have 286 guestrooms, retail space and rooftop bars. For more insight on lodging and hospitality sector, check out GlobeSt.com's NEW columnist, HREC Investment Advisors' Geoffrey E. Davis, as he provides insights on the current state of

hotel investment.

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles. Her work has appeared in publications such as Travel + Leisure, Angeleno and Riviera Orange County.

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