Source: Commercial Property Executive

Mission Capital has orchestrated $70 million in financing for 88 University Place.

Mission Capital Lands Loan for Manhattan Office

Tower

October 28, 2015 By Barbra Murray

An investment group led by fashion designer Elie Tahari was in need of financing for a Manhattan office and retail property, and Mission Capital Advisors found it. Mission Capital has orchestrated $70 million in financing for 88
University Place, the 94,000-square-foot
Midtown South property acquired by the borrowers in a $70 million off-market deal in July.
Mission Capital secured the floating-rate loan through Mack Real Estate Credit Strategies. There was a lot for a lender to love, starting with location; the property sits in the heart of Greenwich Village. And then there’s the tenancy. Shared workspace provider WeWork is scheduled to set up shop on 8 of the 10 floors of the 109-year-old corner building’s commercial
loft space, with an eye toward ultimately occupying the remaining two floors.
“The Sponsor’s sophisticated real estate acumen was demonstrated in tying the asset up in an off-market transaction while concurrently forward-leasing the asset directly to WeWork. This unique combination of property, locale, and value-add afforded us the ability to secure very competitive capital and terms from a seasoned capital provider in Mack real estate,” Jonathan More, managing director at Mission Capital, said in a prepared statement.
Mission Capital has been keeping itself busy–so busy, that the capital markets solutions firm is expanding its presence in California. Mission Capital will establish locations in Los Angeles and San Francisco, taking space in offices provided by none other than WeWork.

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Source: RE Business Online

Mission Capital Advisors has arranged $70 million in financing for 88 University, a 94,000 SF building in the heart of Midtown South / Greenwich Village.

Mission Capital Secures $70M Loan for

Manhattan Office

October 27, 2015
By Jaime Lackey

An investment group that recently purchased 88 University Place in Manhattan for $75 million has secured $70 million in financing for the property.

NEW YORK CITY — Mission Capital Advisors has arranged $70 million in financing for 88 University Place, a 94,000-square-foot building in the heart of Midtown South/Greenwich Village. Mack Real Estate Credit Strategies provided the floating-rate loan on behalf of the sponsor, an investment group led by fashion designer Elie Tahari, which recently purchased the property in an off-market transaction for approximately $75 million. The property, which was constructed in 1906, consists of 11 stories of commercial loft space and ground-floor retail. A forward lease is in place with WeWork, the real estate co-sharing office space company. WeWork will occupy eight of the 10 floors, with the company
expected to eventually occupy all 10 floors. Jonathan More, Ari Hirt and Jamie Matheny of the Mission Capital Debt & Equity Finance Group secured the loan. Ownership plans to invest significantly in capital improvements, including new lobby entranceways, new elevator cabs and mechanical upgrades, common area improvements, and HVAC upgrades.

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Source: Bisnow

The future home of a WeWork location in Union Square has gotten a $70M infusion of cash. Mission Capital Advisors brokered the loan.

FUTURE HOME OF WEWORK UNION

SQUARE NABS $70M LOAN

October 26, 2015 By Scott Klocksin

The future home of a WeWork location in Union Square has gotten a
$70M infusion of cash. Mack Real Estate Credit Strategies' Richard Mack and Peter Sotoloff are providing the loan to an investment group led by the fashion designer Elie Tahari, which bought the building at 88
University Pl from Himmel + Meringoff back in July.
Mission Capital Advisors brokered the loan, which the ownership will
sink into improvements like new lobby entranceways, new elevator cabs and HVAC upgrades. WeWork will initially take the lower eight floors of the building, with plans to eventually occupy all 94k SF.

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Source: Commercial Real Estate Direct

Mack Real Estate Credit Strategies has provided $70 million of floating-rate financing against 88 University Place in the Greenwich Village of Manhattan. Mission Capital helped fund the purchase.

Mack Real Estate Lends $70Mln Against

Greenwich Village Office

October 26, 2015
Mack Real Estate Credit Strategies has provided $70 million of floating-rate financing against 88 University Place, a 94,000-square-foot office building in the Greenwich Village area of Manhattan.
The financing, which was arranged by Mission Capital Advisors, helped fund
the property's purchase, for $70 million, by fashion designer Elie Tahari, and will be used to fund a number of capital improvements, including upgrades to its heating, ventilation and air-conditioning system, elevators, lobby and other common areas.
According to an earlier report in The Real Deal, Tahari had been involved in a legal battle with Normandy Real Estate Partners, which previously had struck a deal to buy the 11-story building, which resulted in the delay in the financing. The L-shaped property, constructed in 1906, has frontage on both 11th and 12th streets.
WeWork, which leases furnished office space, has agreed to occupy eight of the buildings 10 floors of office space.
"The sponsor's sophisticated real estate acumen was demonstrated in tying the asset up in an off-market transaction while concurrently forward-leasing the asset directly to WeWork," explained Jonathan More, managing director of Mission Capital.
Separately, Mission Capital, which has offices in six cities, will be leasing space at WeWork locations in San Francisco and Los Angeles, the latter being an expansion of its Newport Beach, Calif., office. It expects to lease additional space in other cities as it expands.
Mack Real Estate is led by the father-son team of William and Richard J. Mack, who two years ago sold their stake in Area Property Partners. Last year, Peter Sotoloff, the former head of U.S. originations at Blackstone Group, joined as chief investment officer of the Mack Real Estate lending business.

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Mission Capital Advisors, a leading national real estate capital markets solutions firm, has arranged $70 million in financing for 88 University Place, an 11-story building in the heart of Midtown South/Greenwich Village.

October 26, 2015

FOR IMMEDIATE RELEASE

Mission Capital Secures $70-Million Loan for

Prime Manhattan Office Asset

NEW YORK – Mission Capital Advisors, a leading national real estate capital markets solutions firm, has arranged

$70 million in financing for 88 University Place, an 11-story building in the heart of Midtown South/Greenwich
Village.
Mack Real Estate Credit Strategies provided the floating-rate loan on behalf of the sponsor — an investment group led by fashion designer Elie Tahari — which recently purchased the property in an off-market transaction for approximately $75 million. Ownership plans to invest significantly in capital improvements, including new lobby entranceways, new elevator cabs and mechanical upgrades, common area improvements, and HVAC upgrades.
A 94,000-square-foot corner building, 88 University Place consists of 11 stories of commercial loft space and ground-floor retail. A forward lease is in place with WeWork, the real estate co-sharing office space juggernaut that has disrupted the office leasing market in the best of ways. WeWork will occupy eight of the 10 floors, with the company expected to eventually occupy all 10 floors. With 15 locations across New York City, and locations sprouting across the United States and six other countries, WeWork is revolutionizing the way people work, providing shared workspace to entrepreneurs, freelancers, startups and other small businesses.
Constructed in 1906, 88 University Place is an L-shaped building that has frontage on both 11th and 12th streets. With its location in prime Midtown South, between Gramercy Park and Washington Square Park, the building serves as an ideal space for WeWork’s newest New York City outpost. Key for the millennial demographic targeted by co-working spaces, the property is proximate to various entertainment venues and New York University, and is also well served by mass transit.
“88 University Place is a rare blend of coveted loft space with terrific building bones in an exceptional location within Manhattan’s Greenwich Village,” said Jonathan More, managing director at Mission Capital. “The Sponsor’s sophisticated real estate acumen was demonstrated in tying the asset up in an off-market transaction while concurrently forward-leasing the asset directly to WeWork. This unique combination of property, locale, and value- add afforded us the ability to secure very competitive capital and terms from a seasoned capital provider in Mack real estate.”
More, along with fellow Mission Capital Debt & Equity Finance Group members Ari Hirt and Jamie Matheny, secured the loan.
On a related note, Mission Capital is seeking to bolster its California presence via WeWork. It intends to expand from an existing Newport Beach office to locations in Los Angeles and San Francisco, by placing its offices in WeWork locations in both cities. It will also look to replicate this California expansion model nationally.
“Our business is broadly national and we transact in many cities which overlap with WeWork's growing footprint," said Jordan Ray, managing director at Mission Capital. “After working closely with the WeWork team on this project, we really experienced the value proposition first hand, and we are excited at the proposition of having cutting-edge offices in Santa Monica, Hollywood and downtown LA versus having to pick one location. It’s a no- brainer for real estate capital markets folks.”
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 Raleigh, North Carolina. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across debt, mezzanine and JV equity placement; commercial and residential loan sales; 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 financing and loan sale 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.
Media Contact: Shlomo Morgulis, Beckerman
smorgulis@beckermanpr.com
201-465-8007

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