Source: Real Estate Weekly

AJ Capital secures $100M in financing for Graduate Hotel properties

The Debt & Equity desk’s recent financing deal for AJ Capital Partners to acquire and renovate properties for Graduate Hotels in Seattle and Minneapolis continues to garner more press. Jordan Ray has a nice quote on the deal below.

Mission Capital’s team of Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras represented AJ Capital in both transactions.

“The Graduate Hotels are generating a great deal of attention,” said Ray.  “People like the concept of an amenitized hotel that has a fun local vibe and is situated on or near a campus.”

[Continue reading about this financing at Real Estate Weekly]

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Source: Various

Mission Capital Adds Jillian Mariutti as Director

Mission Capital Advisors has hired Jillian Mariutti as director in its debt and equity group, where she will focus on originating and structuring real estate capital for the nation’s premier owners, investors, and developers. Prior to Mission Capital, Jillian worked at JCRA Financial LLC as the Head of Real Estate North America and was responsible for providing foreign exchange and interest rate risk management services to Real Estate clients.
Continue reading about Jillian in her bio

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Tuesday, 07 February 2017

Mission Capital Adds Jillian Mariutti as Director

Mission Capital Advisors has hired Jillian Mariutti as director in its debt and equity group, where she’ll help arrange a variety of capital for the firm’s property-owning clients.

Mariutti most recently was the head of real estate in North America for JCRA Financial, a derivatives advisory firm. In that role, she provided foreign exchange and interest-rate risk management services to the company’s real estate-owning clients.

Before that, she was with Wells Fargo Securities, where she marketed and structured interest-rate management services to REITs and other property owners.

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Source: Hotel Management

Quoting Hotel Management: Mission Capital Advisors arranged nearly $100 million in non-recourse acquisition financing for AJ Capital Partners to acquire and renovate two Graduate Hotel properties in Seattle and Minneapolis. … Continue reading the full article at Hotel Management.

With these transactions, Mission Capital has arranged six financings for AJ Capital Partners, including three Graduate Hotels. “Hotel bridge financing is harder to find at this stage of the real estate cycle, so we focused on creative lenders who understood the strength of the sponsor’s business plan,” Hirt said in a statement. “Although the Graduate brand has only been around for a short time, it has grown rapidly, and already has an impressive track record of success,” Buchwald said in a statement. “Despite the inherent challenges, when AJ Capital is the sponsor, we are able to arrange to obtain attractive financing, as they are a proven best-in-class developer of successful hotels.”

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Mission Capital Advisors arranges financing for two Graduate Hotel properties

by Newsroom | Feb 6, 2017 10:30am

Mission Capital Advisors arranged nearly $100 million in non-recourse acquisition financing for AJ Capital Partners to acquire and renovate two Graduate Hotel properties in Seattle and Minneapolis.

The Graduate Hotels brand, launched by AJ Capital Partners in 2014, is a hotel collection in university-anchored cities around the country. Other locations include Ann Arbor, Mich.; Athens, Ga.; Charlottesville, Va.; Madison, Wis.; Oxford, Miss.; and Tempe, Ariz.; as well as three locations that are slated to open in 2017 — Berkeley, Calif.; Lincoln, Neb.; and Richmond, Va.

AJ Capital will use $50.8 million and $43.8 million in non-recourse financing from two different debt funds to acquire, renovate and rebrand the hotels in Minneapolis and Seattle, respectively. Mission Capital’s team of Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras represented AJ Capital in both transactions.

“The Graduate Hotels are generating a great deal of attention,” Ray said in a statement. “People like the concept of an amenitized hotel that has a fun local vibe and is situated on or near a campus. The brand is already becoming a household name.”

Located at 615 Washington Avenue, SE on a long-term ground lease owned by the University of Minnesota, the 304-key Graduate Minneapolis (formerly The Commons Hotel) will undergo renovations to guestrooms, common areas, lobby and meeting spaces. The renovations are slated to be completed in advance of the 2018 Super Bowl, which will be held in Minneapolis.

The Graduate Seattle, currently the Hotel Deca, is located at 4507 Brooklyn Avenue, NE, and is the closest hotel to the University of Washington. AJ Capital is planning to renovate the 158-key facility over the winter of 2017-2018. As part of the renovation, the penthouse executive suites will be converted to a rooftop bar with sweeping panoramic views of Seattle.

With these transactions, Mission Capital has arranged six financings for AJ Capital Partners, including three Graduate Hotels.

“Hotel bridge financing is harder to find at this stage of the real estate cycle, so we focused on creative lenders who understood the strength of the sponsor’s business plan,” Hirt said in a statement.

“Although the Graduate brand has only been around for a short time, it has grown rapidly, and already has an impressive track record of success,” Buchwald said in a statement. “Despite the inherent challenges, when AJ Capital is the sponsor, we are able to arrange to obtain attractive financing, as they are a proven best-in-class developer of successful hotels.”

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