Jonathan More (MANAGING DIRECTOR – The Debt & Equity Finance Group) and Melanie Herald (MANAGING DIRECTOR – The Debt & Equity Finance Group) sit down and chat about the thriving Miami Market. We start with the growing Transportation Connectivity servicing the Miami metropolis.

JONATHAN MORE – MANAGING DIRECTOR – THE DEBT & EQUITY FINANCE GROUP

Jonathan More is a Managing Director in the Debt & Equity Finance Group at Mission Capital, where he is responsible for originating, underwriting and structuring commercial real estate transactions nationwide on behalf of owner-operators, private equity firms, developers and family offices. Jonathan’s diverse skill sets, deep market knowledge and industry relationships have proved critical in working through transactions and originating business over his 15-year real estate career.
Prior to joining Mission Capital, Jonathan worked on the execution and originations teams for Ackman-Ziff, specializing in financing office, retail and residential properties, as well as loan sale advisory work. At Ackman-Ziff, Jonathan structured and completed $2.0 billion of closed debt, mezzanine, preferred equity, joint venture equity and loan sale transactions. Prior to Ackman-Ziff, Jonathan worked in leasing and investment sales for the Manhattan office of CBRE Group. Jonathan received a B.A. in Economics from the University of Michigan, and an M.B.A from Columbia Business School, where he placed first overall in the Bodini Competition for Real Estate Investment & Entrepreneurship. He is licensed as a real estate broker in the state of New York.

MELANIE HERALD – MANAGING DIRECTOR – THE DEBT & EQUITY FINANCE GROUP

Melanie Herald serves as a Managing Director of the Debt & Equity Finance Group at Mission Capital where she is responsible for the origination, structuring, and placement of commercial real estate transactions on behalf of operators, developers and global institutional and family office investors. In addition to the finance business, Melanie focuses on sourcing and executing loan sale opportunities and will oversee growth in the Miami office for Mission Capital.
Prior to joining Mission Capital, Melanie was a Principal with Sienna Capital Partners where she executed over $200mm in equity fund recaps and new acquisition transactions for clients. Prior to Sienna, Melanie served as Head of Capital Markets and Investors Relations for Urban American, a multifamily operator in New York City for whom she currently consults. From 2002 – 2011, Melanie executed over $50bn of commercial and residential mortgage transactions as a senior salesperson at Goldman Sachs Melanie holds a BA from Bowdoin College, where she received a Thomas J. Watson Fellowship and earned an MBA from the Johnson School at Cornell University and served as a Student Agencies Fellow. She serves on the corporate board of PopTracker LLC, a technology and media company and FORCE, a non-profit. Melanie is a fluent Spanish speaker and holds Series 63 and 7 licenses.

About Mission Capital:
Mission Capital is a technology-forward real estate capital markets firm built on a culture of deep client service. Founded in 2002, our complementary asset sales and capital raising platforms, combined with our diligence and consulting services, allow our institutional and governmental client-base to achieve liquidity and optimize portfolio strategy throughout the credit cycle.

Learn more about the multitude of offerings at Mission Capital here: https://www.missioncap.com

Mission Capital Advisors Arranges $21 Million
Acquisition and Construction Loan for Chelsea Luxury Condo Conversion

 

Capital advisor structures non-recourse financing at competitive pricing

NEW YORK (July 20, 2018) – Mission Capital Advisors announced that its Debt and Equity Finance team arranged $21 million of non-recourse acquisition and construction financing for 214-216 West 15th Street, a luxury six-unit condo conversion in Chelsea. The Mission Capital team of Raymond Salameh, Ari Hirt, Steven Buchwald, and Lexington Henn represented developer Holliswood Development in structuring the loan from a Philadelphia-based debt fund.

For Holliswood, the competitively-priced loan fills a sizable portion of the project’s $29-million capital stack. The loan funds both the acquisition of the building and the subsequent construction costs when the project is permit-ready.  With construction financing in hand, the developer plans to capitalize on the vitality of the Chelsea neighborhood and convert the former nursery school building to six luxury condominiums with best-in-class amenities. Once complete, the residences will feature 10-foot ceilings, private balconies, and well-appointed, top-of-the-line kitchens.

Holliswood purchased the building — which had functioned as a nursery school since 1902 — from the Archdiocese of New York, which led to an approvals process that required sign-off from the New York State Attorney General, the Archdiocese, and the Vatican.

Located near the border of Greenwich Village and Chelsea, the property is located in one of Manhattan’s most vibrant areas, providing convenient access to a range of shopping, dining and nightlife options.

 

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, Florida, Texas, California and Alabama. 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 $65 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.

Arden Credit Lends $21Mln for Development of Upscale N.Y. Condos

July 20, 2018

Arden Credit Fund has provided $21 million of financing to fund the acquisition and redevelopment of 214-216 West 15th St., a six-unit residential condominium property in Manhattan’s Chelsea neighborhood.

The non-recourse loan, arranged by Mission Capital Advisors, funded Holliswood Development’s $12.65 million purchase of the property, the former Nazareth Nursery, from the Archdiocese of New York. The property had operated as a nursery school since 1902. In addition, the loan will allow Holliswood of New York and its partner, Firm Capital Corp. of Toronto, to redevelop the two 25-foot wide buildings into six luxury condo units that will have 10-foot ceilings, private balconies and high-end kitchens. The development cost is estimated at $29 million

Arden Credit Fund is an alternative-lending vehicle sponsored by Arden Group of Philadelphia. The investment manager was aiming to raise $150 million for the vehicle, which funds mezzanine loans and other relatively short-term lending instruments against commercial real estate properties.

Read the full story here:

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Former Nursey School Set for Condos in Chelsea

July 23, 2018

Mission Capital Advisors’ debt and equity finance team has arranged $21 million of non-recourse acquisition and construction financing for 214-216 W. 15th St., a luxury six-unit condominium conversion in Chelsea. The Mission Capital team of Raymond Salameh, Ari Hirt, Steven Buchwald, and Lexington Henn represented Holliswood Development in structuring the loan from a Philadelphia-based debt fund.

For Holliswood, the competitively-priced loan fills a sizable portion of the project’s $29-million capital stack. The loan funds both the acquisition of the building and the subsequent construction costs when the project is permit-ready.

Holliswood purchased the building, which had functioned as a nursery school since 1902, from the Archdiocese of New York, necessitating approvals from the state Attorney General, the archdiocese and the Vatican. With construction financing in hand, the developer plans to capitalize on the vitality of the Chelsea neighborhood and convert the former nursey school building to six luxury condos.

Read the full story here:

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Mission Capital Advisors Marketing Lake City Commons,
90,000-Square-Foot Retail Property in Atlanta Suburb

With occupancy of 98 percent, shopping center will offer investors a stable, income-producing asset

LAKE CITY, Ga. (July 9, 2018) Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group is marketing Lake City Commons, a 91,494-square-foot community retail center located at 5656 Jonesboro Road in Lake City, Georgia. The Mission Capital team of Will Sledge, Kyle Kaminski and Tom Karras is marketing the property on behalf of the seller, a CMBS special servicer. The property will be auctioned on the RealINSIGHT Marketplace, with the bidding window opening on July 23 and closing on July 25.

Constructed in 1998, the property boasts a diverse array of tenants, including anchor tenant Kroger — which is signed to a triple net lease through 2024— as well as Dollar Tree, H&R Block, Metro PCS and Pizza Hut. In addition to occupying 69 percent of the property’s leasable area, Kroger also intends to construct and operate an on-site fuel center, which would generate additional traffic to the property.

The property has modest near-term rollover, and several of the tenants with expiring leases are currently in the midst of negotiating renewals.

“In today’s challenging market, many buyers are looking to invest in grocery-anchored shopping centers, which provide much more stability than conventional retail assets,” said Kaminski. “Kroger has been at this property since its opening, and the grocer has performed successfully for a full two decades. With Kroger investing its own capital in the on-site gas station, the credit tenant is clearly demonstrating its plans to remain at the property for the long term.”

The property is located within 14 miles of downtown Atlanta, positioning it in the country’s ninth most populous metropolitan area.

Investors are encouraged to visit the RealINSIGHT Marketplace for more details and bidding information: https://marketplace.realinsight.com/sales/details/237

 

 

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, Florida, Texas, California and Alabama. 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 $65 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.

 

About RealINSIGHT Marketplace

RealINSIGHT Marketplace is one of the nation’s leading online due diligence and auction bid platforms. RealINSIGHT provides local, regional, national, and international investors the opportunity to review and bid for loan and REO assets on an individual basis.  For more information, visit marketplace.realinsight.com.