Author: Jordana Stanhope

Well-situated within Amarillo, Texas, existing hotel will be converted into the first dual-branded Marriott and Starwood property

AMARILLO, Texas (Jan., 2019) — Mission Capital Advisors today announced that its Debt and Equity Finance group has arranged a non-recourse, floating-rate loan for the acquisition and renovation of a 229-key hospitality property at 1911 East I-40 in Amarillo, Texas. The existing property, which currently operates as an unflagged hotel, will receive extensive upgrades and be re-created as a dual-branded hospitality property comprising a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.

The property renovations will convert the existing hotel into the market’s leading lodging facility, replete with amenities including an outdoor pool, patio deck with grills and a fire pit, and a 24-hour fitness center. Property improvements will include removing the existing atrium, giving a complete facelift to the property’s exterior and large-scale improvements to each guest room.

The Mission Capital team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three-year loan from Stonehill Strategic Capital. In Stonehill, Mission Capital identified a hospitality lender specializing in value-add deals, which was also attracted to the sponsor’s local market expertise. With the lender drawn to the deal’s strong debt yield, Mission Capital was able to structure very strong terms, including 80-percent leverage.

The largest city in the Texas Panhandle, Amarillo is a major transportation hub with the lowest unemployment rate in Texas and a strong economy that is projected to grow in the years ahead. The city also features a significant amount of tourism, with visitors from Texas and beyond flocking to Amarillo for the Tri-State Fair & Rodeo and other cultural events.

The Project will be the first dual-brand conversion between Marriott- and Starwood-branded hotels. With the property’s strong location off of I-40, both hotels are poised to benefit from their proximity to Amarillo’s downtown business district and Amarillo International Airport.

Founded 34 years ago, Ram Hotels is an experienced hotel developer and operator. Since its inception, Ram Hotels has built eight hotels totaling 700 keys throughout Texas, including more than 500 keys in the Amarillo market. Ram currently owns and manages nine hotels totaling 1,500 hotel rooms.

 

 

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.

First-Ever Marriott, Sheraton Hotel Takes Shape in TX

January 14, 2019

The dual-branded hotel in Amarillo, Texas, will be converted from an existing 229-key property. Mission Capital arranged financing for the project on behalf of developer Ram Hotels.

Ram Hotels has secured acquisition and renovation financing to convert an existing hotel in Amarillo, Texas, into the first-ever dual-branded Marriott and Starwood property. The developer will transform the existing 229-key property into a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.

Located at 1911 E. Interstate 40, the site is in close proximity to Amarillo’s downtown business district and Amarillo International Airport. The city is the largest in the Texas Panhandle and draws tourists for its events that include the Tri-State Fair & Rodeo.

Amenities at the converted property will feature a 24-hour fitness center, an outdoor pool, patio deck with grills and a fire pit. Additional improvements will include removing the existing atrium, large-scale upgrades to guestrooms and a complete facelift to the property’s facade.

Mission Capital Advisors arranged the non-recourse, floating-rate loan. The team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three-year mortgage from Stonehill Strategic Capital.

Most recently, Marriott rebranded and opened a 186-key Four Points by Sheraton in Toronto.

Download icon PDF File Download

Mission Capital Arranges Acquisition Financing for 229-Room Hotel in Amarillo

January 14, 2019

AMARILLO, TEXAS — Mission Capital Advisors has arranged an undisclosed amount of financing for the acquisition and renovation of a 229-room hotel in Amarillo. The new ownership will rebrand the property as a dual-branded asset consisting of a 106-room Marriot Fairfield Inn & Suites and a 123-room Four Points by Sheraton. Renovations will deliver upgraded amenity spaces, as well as a facelift to the property’s exterior and each guestroom. Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital arranged the financing through Stonehill Strategic Capital on behalf of the borrower, Ram Hotels.

See more here:

Download icon PDF File Download
#missioncapital
#realestate
Asset Sales
Closed Deal
deals
Debt & Equity
Finance
Loan Sales
mission capital
MissionCapital View more articles

Thorofare Capital provides non-recourse, floating-rate financing
for leading Chicago developer

CHICAGO (Nov. 13, 2018) — Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged $13 million of non-recourse, floating-rate financing on behalf of an affiliate of the Sterling Organization to recapitalize 110 East Pearson Street, a 9,000-square-foot vacant retail property in the heart of the Magnificent Mile section of Chicago.

Jonathan More, Alex Draganiuk, Lexington Henn, and Justin Hunt of the Mission Capital team secured the loan from Thorofare Capital, a Los Angeles-based national commercial real estate loan origination and servicing company. The loan features a competitive leverage level with flexibility for future capital expense funding and leasing terms and will be used to capitalize the property, lease up the available space and implement significant capital improvements.

Currently vacant, the property consists of 7,303 square feet of ground-floor retail space and 1,789 square feet of retail space on the mezzanine level. For Mission Capital Advisors, the transaction reflects the firm’s ability to find appropriate capital providers for innovative developers across the country.

Thorofare’s willingness to provide financing stemmed from the firm’s recognition of the sponsor’s strong track record in value-add retail, as well the property’s desirable location, according to Felix Gutnikov, Thorofare’s Head of Origination.

“As a trusted lender, Thorofare has enjoyed a very positive relationship with Mission Capital Advisors and has completed several transactions with the firm and its clients,” Gutnikov said. “We were able to offer Sterling Organization a structured financing solution for a well-located retail asset within one of the most recognized shopping districts in the country.”

The property is ideally situated in the heart of Chicago’s Magnificent Mile, the city’s largest and most vibrant shopping district, which has approximately $1.9 billion of annual retail sales.  Over the past year, the district has seen retail vacancies decline, while rents have grown by nearly seven percent, further underscoring the property’s latent potential.

 

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 Thorofare Capital

Thorofare Capital, Inc. is a national commercial real estate loan origination and servicing company. The firm focuses on $5 million to $100 million financing transactions, targeting value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties. Its affiliate, Thorofare LLC, is an SEC Registered Investment Adviser specializing in alternative fixed-income opportunities through US commercial real estate debt investments. With a national presence, Thorofare has invested more than $1.6 billion structured as senior secured short and intermediate-term loans, across 10+ property types throughout 28 states. For more information, visit www.thorofarecapital.com.

Sterling lands $13M refi for retail space at Near North Side tower

The Thorofare Capital loan will help Sterling renovate and lease the former Bar Toma space


November 9, 2018

The Sterling Organization landed a $13 million refinancing on the retail space in a tower just off Michigan Avenue on the Near North Side.

The Palm Beach-based equity fund earlier this year bought the 9,000-square-foot retail portion at the base of the 57-story tower at 110 East Pearson Street for $15.2 million. The space is best known as the former home of Bar Toma, a restaurant that opened in 2011 and shuttered in January 2017.

Thorofare Capital supplied the non-recourse, floating-rate loan, which was arranged by Mission Capital Advisors’ Jonathan More, Alex Draganiuk, Lexington Henn, and Justin Hunt. Part of the proceeds will be used to find tenants and make “significant” capital improvements.

Now vacant, the property consists of 7,300 square feet on the ground floor and 1,800 square feet on the mezzanine level.

Sterling paid $1,616 per square foot for the space at the base of the tower, which was built in the 1970s.

It was the company’s second Downtown retail deal in a few months, following April’s $8.1 million purchase of the 87,100-square-foot office building at 219 South State Street, which also includes street retail currently occupied by three Foot Locker-brand shoe stores. It took out an $18.3 million loan from Los Angeles-based Karlin Real Estate to finance that purchase and planned renovations of the building.

In September, Sterling paid $20 million to acquire Hillside Town Center, a nearly 165,000-square-foot retail park in west suburban Hillside. It also bought the 101,000-square-foot Prairie Market shopping center in far west suburban Oswego, but would not disclose the purchase price.

See more here:

Download icon PDF File Download
#missioncapital
#realestate
Asset Sales
Closed Deal
Deal
deals
Debt & Equity
financing
mission capital
press release
MissionCapital View more articles

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:

Download icon PDF File Download

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:

Download icon PDF File Download
Closed Deal
Debt & Equity
Finance
mission capital
press release
MissionCapital View more articles

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.

Asset Sales
Loan Sales
Loan Sales Press
mission capital
Press
press release
MissionCapital View more articles

Mission Capital Advisors Marketing 24,500-Square-Foot Two-Building Office Property in Phoenix

 Asset presents investors with opportunity to add significant value through lease-up

 

PHOENIX (May 31, 2018) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group is marketing 2030 E. Osborn Road, a 24,414-square-foot two-building office complex in Phoenix. 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 June 19 and closing on June 21.

The garden-style property contains two office buildings, one of which is approximately 21,000 square feet, while the other measures approximately 3,400 square feet. The former building is vacant, while the latter recently became fully occupied by professional services firm MVM, Inc., who signed a five-year lease. Built-in 1983 and 2000, respectively, the buildings were fully occupied by an insurance agency whose lease expired in December 2017.

“With its strong location within Phoenix’s Midtown/Central office submarket, this is a very attractive property that will draw interest from established local owner-operators or buyers looking to break into the Arizona market,” said Sledge. “While the property is currently largely vacant, there are a number of potential tenants actively considering leasing a portion or the entirety of the vacant space. This offering will provide investors with the opportunity to buy a well-situated Class B office asset and add value in the short-term through rapid lease-up.”

Located in northeast central Phoenix, the property is proximate to midtown and downtown Phoenix as well as several affluent suburban areas. The asset benefits from the continued growth of the Phoenix metropolitan area, one of the fastest growing metros in the United States.

“The 21,000 square feet of availability can be easily subdivided for two or three tenants, so the buyer will have a good deal of flexibility as they lease up the space,” said Kaminski. “The property is in close proximity to both the VA Hospital and Children’s Hospital and within blocks of AZ-51, the primary highway arterial bisecting Phoenix, providing convenient access to much of the metropolitan area.”

 

 

 

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

Asset Sales
Commercial
Deal
Loan Sales
mission capital
Press
press release
real estate
MissionCapital View more articles

Sokol Media named Mission Capital‘s Jillian Mariutti one of the top 10 Women to Watch in Real Estate for 2018.

An industry leader in the world of commercial real estate finance, Jillian Mariutti was also named a 2014 Rising Star by the Women’s Bond Club of New York. This is an accolade given to women on Wall Street who have demonstrated leadership qualities and are viewed as future leaders in the financial services industry. A respected voice within the space, Mariutti has spoken at industry conferences produced by ALIS, IMN, and the New York State Society of CPAs, and keynoted an event of the YMBA. Her market commentary has been featured in a host of leading industry publications, including Commercial Observer Finance, Forbes.com, Bisnow and Connect Media.

The great thing about working in real estate finance is that I’m able to use my quantitative abilities and my relationship-building skills to help owners and developers secure capital to execute their visions. Being part of Mission Capital’s collaborative team, which is active in all aspects of real estate finance, gives me the wide-ranging expertise to solve my clients’ most complex problems.

 

See below for some photos from the event:

Download icon PDF File 202.76 KB Download
Debt & Equity
Press
real estate finance
MissionCapital View more articles

Iconic Richland, Washington Office Property Offers Investors Significant Value-Add Potential

RICHLAND, Wash. (Feb. 26, 2018) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Loan and Asset Sales Group is marketing the leasehold interest in Tri-Cities Professional Center, a 160,526-square-foot, two-building office property in Richland, Washington. Will Sledge and Kyle Kaminski of Mission Capital are marketing the property on behalf of the seller, a CMBS special servicer, while Derrick Stricker of NAI Tri Cities will serve as the showing broker. The property is being marketed on RealINSIGHT Marketplace. The bidding window for the property opens on March 6 and closes on March 8.

The Class-B property includes one five-story office building and one seven-story office building, which have an aggregate occupancy rate of 20 percent. The 9.74-acre property is subject to a ground lease with the city of Richland, which expires in 2042 and has two 15-year extension options.

“The Tri-Cities Professional Center is well-situated within the Richland CBD and poses a very intriguing opportunity for value-add investors,” said Sledge. “The city, which currently owns the leased-fee interest, will likely be open to selling its interest to the buyer, and the property is expected to sell at a significant discount to replacement cost. There’s a great deal of upside in this offering and it will be particularly attractive to local property owners who already have a working relationship with the city.”

The property is located within walking distance of the Uptown Shopping Center, which features a variety of dining and retail options.

Added Kaminski: “We also expect to receive interest from opportunistic investors seeking to convert the property into residential or hospitality use. Its prime location near several major roadways makes it easily accessible to the entire Tri-Cities metro, which has a population of approximately a quarter-million people. With a seller eager to divest of the property for a reasonable price, buyers have the unique ability to acquire an asset with significant potential at a very low basis.”

 

 

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.

Asset Sales
Commercial
Deal
Loan Sales Press
press release
MissionCapital View more articles