Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville

August 24, 2018

GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.

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Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville

August 24, 2018

GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.See more here:

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Mission Capital’s, Jordan Ray, chats about the range of clients we work with at Mission Capital. Jordan is a principal on the Debt & Equity Finance desk at Mission Capital.

ABOUT JORDAN RAY
Jordan Ray is the Principal of The Debt & Equity Finance Group at Mission, which he founded in 2009. Jordan has been honored with such industry awards as the 2016 Real Estate Finance and Investment Magazine – Mortgage Broker of the Year Award, the 2013 and 2012 Observer Top 20 under 35 and the 2017 NYU Schack Institute Financing Deal of the Year. Jordan sits on the board and co founded EquityMultiple – an online marketplace real estate finance company – in 2015. Jordan is also actively involved in UK/European real estate financing.

LEARN MORE ABOUT JORDAN RAY:
www.missioncap.com/team/?member=jray

LEARN ABOUT THE DEBT & EQUITY FINANCE DESK HERE:
www.missioncap.com/debt-equity/

VISIT MISSION CAPITAL’S WEBSITE:
www.missioncap.com

Director of Investments Jonathan Lesser sits down with Jonathan Jaeger of LWHA Asset and Property Management Services to discuss the Hospitality asset class and what individual investors should keep in mind as they do diligence on potential investments.

EQUITYMULTIPLE is the only online investing platform backed by an established real estate company – Mission Capital, a leading national real estate capital markets firm. 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.

Hotel Investing for Individual Real Estate Investors from Mission Capital on Vimeo.

 

About EQUITYMULTIPLE

We’re committed to making commercial real estate more accessible for individual investors.
Our team brings diverse industry experience in real estate finance, private equity, law and technology. We were brought together by a shared vision of transforming real estate investing through technology – providing a new level of access to private transactions and streamlining the investment process. While we believe in the transformative power of technology, we recognize that our platform is only as good as the people and experience behind it. We’re committed to transparency, rigorous underwriting, and investor support.

EQUITYMULTIPLE is the only online investing platform backed by an established real estate company – Mission Capital, a leading national real estate capital markets firm. 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.

Sycamore Investment Group capitalizes on hotel’s success, inks refinancing at favorable terms

GREENVILLE, S.C. (Aug. 21, 2018) — Mission Capital Advisors announced that its Debt and Equity Finance Team has arranged $19 million of permanent, non-recourse financing for the Home2 Suites by Hilton Greenville Downtown, a 117-key, extended-stay hotel located at 350 North Main Street in downtown Greenville, South Carolina. The Mission Capital team of Beau Williams, Steven Buchwald, and Justin Hunt represented Sycamore Investment Group in arranging the non-recourse loan.

The 110,491-square-foot property is a premier, extended-stay hotel, with well-appointed studio and one-bedroom suites that include full kitchens and in-suite work stations. The property offers guests a wide range of amenities, including the Spin2Cycle fitness center; an outdoor pool; outdoor patios with grills and fire pits; and valet parking. Since opening in September 2016, the hotel has been one of the top-performing extended-stay/limited-service hotels in Greenville. Building on the hotel’s immediate success, ownership sought to retire the property’s construction loan and procure permanent financing.

“Although Home2Suites has ramped up its operations quickly, a lot of supply has come to the local market, so we had to demonstrate to lenders that the hotel would maintain its strong performance,” said Williams. “As an extended-stay hotel, the property differentiates itself from much of the competition, and the diversified clientele it attracts points to its continued success. We were able to leverage our lender relationships to create a competitive market for this deal resulting in very favorable terms to our client.”

The hotel is situated in a prime location in downtown Greenville near countless restaurants and retail options. It is also within five minutes of the Bon Secours Wellness Arena — which hosts hockey games and performing artists — and the TD Convention Center, one of the largest exhibit halls in the country.

“After creating one of the Greenville market’s most inviting and successful hospitality properties, Sycamore was able to capitalize on its success,” said Buchwald. “This non-recourse CMBS loan retires the construction financing, which was structured with recourse, and returns capital to the sponsor. This allows them to continue executing their business strategy and pursue other development opportunities.”

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.

Jordan Ray, Principal of the Debt & Equity desk, is a major proponent of FinTech that modernizes the ‘old economy’ business of real estate. Always ahead of curve and owner of an impressive CRM, you don’t want to miss Jordan’s insight.

Watch the first two parts of this video series here:
https://www.missioncap.com/news/jordan-ray-principal-on-mission-capital/

ABOUT JORDAN RAY
Jordan Ray is the Principal of The Debt & Equity Finance Group at Mission, which he founded in 2009. Jordan has been honored with such industry awards as the 2016 Real Estate Finance and Investment Magazine – Mortgage Broker of the Year Award, the 2013 and 2012 Observer Top 20 under 35 and the 2017 NYU Schack Institute Financing Deal of the Year. Jordan sits on the board and co founded EquityMultiple – an online marketplace real estate finance company – in 2015. Jordan is also actively involved in UK/European real estate financing.

LEARN MORE ABOUT JORDAN RAY:
www.missioncap.com/team/?member=jray

LEARN ABOUT THE DEBT & EQUITY FINANCE DESK HERE:
www.missioncap.com/debt-equity/

VISIT MISSION CAPITAL’S WEBSITE:
www.missioncap.com

August 17, 2018

Oxford Capital Group has scored a $53 million loan from Marathon Asset Management to refinance construction debt on The Godfrey Hotel and Cabanas in Tampa, Fla., Commercial Observer can exclusively report.

The non-recourse, floating-rate loan carries a spread in the low 400s over LIBOR, sources said, and retires roughly $30 million in previous construction financing from CapitalSource. Additional capital will be provided to the sponsor upon meeting certain performance measures.

Mission Capital Advisors’ Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt secured the debt.

Mission Capital Arranges $53M Refinancing of Waterfront Hotel in Tampa

August 21,2018

TAMPA, FLA. — Mission Capital Advisors has arranged a $53 million loan for the refinancing of The Godfrey Hotel and Cabanas Tampa, a 276-room hotel located at 7700 W. Courtney Campbell Causeway in Tampa. The waterfront property was once owned by the New York Yankees and served as the team’s spring training home for several decades. Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Marathon Asset Management on behalf of the borrower, an affiliate of Oxford Capital Group. Oxford acquired the hotel in 2015 and transformed the property with the addition of 15 guestrooms, complete renovations of guestrooms and the lobby and the addition of the WTR Pool & Grill. WTR includes a pool, cabana club, bar and corporate event space overlooking Tampa Bay.

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Tampa Waterfront Hotel Secures $53M Floating-Rate Loan

August 24, 2018

TAMPA, FL–An iconic Tampa waterfront hotel that was once the spring training camp for Major League Baseball’s New York Yankees landed a $53-million non-recourse ramp loan that was structured by Mission Capital Advisors. It was secured by the Godfrey Hotel and Cabanas Tampa, a newly renovated, 276-key, waterfront hotel located at 7700 West Courtney Campbell Causeway.

The Mission Capital team of Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt represented an affiliate of Oxford Capital Group in securing the loan from Marathon Asset Management. The financing will be used to repay the property’s construction loan and return additional capital to the sponsor.

In 2015, Oxford acquired the hotel with plans for a comprehensive redevelopment that would include top-of-the-line amenities and the recently opened WTR Pool & Grill. The result was an upscale pool, cabana club, bar and corporate event space in a poolside area overlooking Tampa Bay.

“Oxford bought this property with the vision to create a unique hotel that has the best poolside venue in the Tampa market,” said Ray. “Just a month after the WTR Pool & Grill opened, there is a lot of action at the hotel and the pool, and we were able to repay the construction financing and replace it with a ramp loan with earn-outs at very attractive terms.”

Repositioning Program Created Added Value

In addition to the pool and cabanas, Oxford’s comprehensive repositioning campaign included the addition of 15 guest rooms; complete renovations of existing guestrooms, with hardwood flooring and other top-of-the-line amenities.

“Ramp loans are based in large part on projecting the property’s path to stability, and that adds a wrinkle of complexity that not all lenders can underwrite,” said Hirt. “However, Oxford’s long standing track record, as well as the incredible product they’ve created at the property, gave capital providers extreme confidence in the sponsor’s business plan.”

Added Hirt: “The loan we ultimately closed is structured with an immediate return on equity as well as an additional earn-out once certain benchmarks are reached, which will bring the total proceeds to the full $53 million.”

Oxford Capital Group, LLC is a national hospitality focused real estate investment, development and management firm. Oxford Hotels and Resorts, LLC is its wholly owned hotel operating and branding affiliate. Oxford, its affiliates, and principals have been involved in approximately $3 billion of real estate and private equity investments, including approximately 13,000 hotel rooms and over 2,000 senior housing units.

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Owner of renovated waterfront hotel in Tampa borrows to repay construction loan

Oxford Capital Group the Godfrey Hotel & Cabanas Tampa also borrowed $53M to “return additional capital to the sponsor”

August 26, 2018

The owner of a renovated bayfront hotel in Tampa, the Godfrey Hotel & Cabanas Tampa, repaid a construction loan with a $53 million “ramp” loan.

Besides paying off the construction loan, proceeds of the ramp loan from also will be used “return additional capital to the sponsor,” Mission Capital Advisors said in a press release.

“Ramp loans are based in large part on projecting the property’s path to stability … a wrinkle of complexity that not all lenders can underwrite,” Ari Hirt of Mission Capital said in a prepared statement.

Hirt arranged the loan from Marathon together with Mission Capital’s Jordan Ray, Alex Draganiuk and Justin Hunt.

Several lenders competed for the deal, according to Hirt, before the property owner, Oxford Capital Group, LLC, closed the adjustable-rate $53 million ramp loan from Marathon Asset Management.

The Godfrey Hotel & Cabanas Tampa is a 276-key hotel a 7700 West Courtney Campbell Causeway in Tampa.

The property features the WTR Pool & Grill, a poolside dining and entertainment destination overlooking Tampa Bay.

Oxford acquired the hotel in 2015 and then repositioned it by adding the swimming pool, cabanas, and 15 guest rooms. The company also renovated existing guest rooms, with hardwood flooring and marble counter tops, and redid the lobby with the addition of a café and wine bar.

The waterfront property previously was the longtime spring-training home of Major League Baseball’s New York Yankees. – Mike Seemuth

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Mission Capital Advisors Arranges $28.5 Million in Construction Financing for 218-Key Hilton Property in Fort Lauderdale

19-floor building will include two Hilton hotels:

a 106-key Home 2 Suites and a 112-key Tru by Hilton

 

FORT LAUDERDALE, Fla. (Aug. 10, 2018) — Mission Capital Advisors today announced that its Debt and Equity Finance Team has arranged $28.5 million in non-recourse financing for the construction of a 218-key, Hilton-franchised hospitality property at 315 Northwest 1st Avenue in Fort Lauderdale, Florida. The Mission Capital team of Jordan Ray, Stephen Emery, Ari Hirt, Jamie Matheny and Lexington Henn represented a joint venture of Merrimac Ventures and Driftwood Acquisitions and Development in securing the loan from Bank OZK.

The 19-story property will feature two Hilton-branded offerings. The 106-key Home 2 Suites will be an all-suite facility, featuring an array of in-room and public amenities, including abundant conference and workspace areas and in-room kitchens. The 112-key Tru by Hilton will be designed for young professionals and travelers, and will feature a robust amenity package, including a fitness center, game room and lounge. The two hotels will have separate lobbies, and will each have access to the building’s 102 parking spaces and a 5,000-square-foot outdoor pool deck and bar.

“We’ve done a lot of construction financing for hotels this cycle, but we’ve rarely seen so much lender interest in a deal,” said Ray. “The sponsorship on this property has developed some of the market’s most successful hotels, and they decided to create two Hilton-branded hotels at this property to meet the distinct needs of different market segments. With this financing in hand, construction is already underway, and Fort Lauderdale visitors should be able to enjoy its strong location and amenities by 2020.”

The property is located in Fort Lauderdale’s trendy Flagler Village neighborhood, providing hotel visitors with access to a wide range of art galleries, restaurants and tourist attractions. The hotels will be easily accessible to the beach, Fort Lauderdale International Airport and I-95.

“This deal had a very complex capital stack, including a significant amount of EB-5 financing, but we were able to structure a very strong non-recourse loan for the sponsors,” said Hirt. “The market for construction financing has improved in recent months, and we received a tremendous amount of interest from foreign and regional banks, insurance companies and mortgage REITs. The execution was very strong, and we were able to move the deal in record time, going from term sheet to closing in less than 60 days.”

 

 

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.

$29M Construction Financing for Fort Lauderdale Dual- Branded Hilton Development

August 14, 2018

Mission Capital Advisors arranged $28.5 million in non-recourse financing for the construction of a 218-key, Hilton-franchised hospitality property in Fort Lauderdale’s trendy Flagler Village neighborhood. A joint venture of Fort Lauderdale-based Merrimac Ventures and Driftwood Acquisitions and Development secured the loan from Bank OZK.

The 19-story property at 315 Northwest 1st Ave. will feature two Hilton-branded offerings. The 106-key Home 2 Suites will be an all-suite facility, featuring an array of in-room and public amenities, including conference and workspace areas and in-room kitchens. The 112-key Tru by Hilton will be designed for young professionals and travelers, and will feature an amenity package that includes a fitness center, game room and lounge.

The two hotels will have separate lobbies, and will each have access to the building’s 102 parking spaces and a 5,000-square-foot outdoor pool deck and bar.

Mission Capital’s Jordan Ray, Stephen Emery, Ari Hirt, Jamie Matheny and Lexington Henn represented the JV.

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JV Lands $29M Construction Loan for Fort Lauderdale Hilton

Mission Capital Advisors arranged the financing on behalf of Merrimac Ventures and Driftwood Acquisitions and Development, to begin building a dual-brand, 218-key project.

August 15, 2018

A joint venture between Merrimac Ventures and Driftwood Acquisitions and Development has secured $28.5 million for the construction of a new Hilton-franchised hotel in Fort Lauderdale, Fla. Mission Capital Advisors arranged the non-recourse loan through Bank OZK, on behalf of the partnership.

Located at 315 Northwest First Ave., the hotel will feature a total of 218 keys across two properties. The 106-key Home 2 Suites will be an all-suite asset, featuring amenities such as conference and work space, as well as in-room kitchens. The 112-key Tru by Hilton will be designed for young professionals and travelers, offering features such as a fitness center, lounge and game room. Both hotels will offer access to 102 parking spaces and a 5,000-square-foot outdoor pool deck and bar. The 19-story property will provide convenient access to Fort Lauderdale International Airport, Interstate 95 and nearby attractions such as beaches, restaurants, art galleries and tourist spots.

Mission Capital Advisors’ Debt and Equity Finance team of Principal Jordan Ray, Managing Directors Stephen Emery and Ari Hirt, Director Jamie Matheny and Vice President Lexington Henn, represented the borrower.

“We’ve done a lot of construction financing for hotels this cycle, but we’ve rarely seen so much lender interest in a deal,” said Ray, in a prepared statement. “The sponsorship on this property has developed some of the market’s most successful hotels, and they decided to create two Hilton-branded hotels at this property to meet the distinct needs of different market segments. With this financing in hand, construction is already underway, and Fort Lauderdale visitors should be able to enjoy its strong location and amenities by 2020.”

In April, Mission Capital Advisors represented a joint venture of The Schupp Cos. and LodgeWorks Partners in securing $47 million in refinancing for Hyatt Place Arlington Courthouse Plaza, a 168-key hotel in Virginia.

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Managing Directors of The Debt & Equity Finance Group, Melanie Herald & Jonathan More, share valuable insight on the red hot Miami Office Market in our Miami Market Update video series. This is Chapter 2 of our Miami Market Update series.

Watch Chapter 1: Miami Market Update | Transportation Connectivity here

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