Mission Capital Advisors (MCA) is excited to announce it has been acquired by Marcus & Millichap, Inc. (NYSE:MMI) and will be a subsidiary of Marcus & Millichap Capital Corporation (MMCC). For the past few years we have given tremendous thought and had numerous exploratory conversations regarding how best to position our company for the future and to continue providing the best service and suite of offerings to you, our most valued clients. For us, providing you capital solutions for your transactions has excited and energized us. However, it is the ongoing and long-term client relationships and friendships formed in the process that are most precious to us.

So why Marcus & Millichap? The simple answer is that our core values and approach to client service are perfectly aligned. In business since 1971, Marcus & Millichap closes more transactions than any other brokerage firm in the country. Its 2,000 investment sales and capital markets professionals are located in over 80 offices across the U.S. and Canada. It is a New York Stock Exchange-listed company with a market cap of approximately $1.225B and a strong, debt-free balance sheet. On a daily basis, Marcus & Millichap delivers deep capital markets expertise, market intelligence, and extensive research to its clients. We can now share this access to transactions, capital sources, research, technology and more – with you. There are fantastic synergies across our respective organizations with very little overlap.

Mission Capital will be keeping its name, brand, and identity for many years to come and will continue to provide its suite of capital markets solutions, asset sales, diligence, consulting and document curative services.

Mission Capital is also pleased to announce that it has hired Spencer Kirsch as Vice President and John Jenkins as an Associate as part of the loan sale team.

Spencer Kirsch joins as a Vice President after a 5-year stint at Waterfall/ReadyCap REIT. He has extensive deal management and analytics experience in the small balance commercial and residential portfolio sectors, most recently in non-QM and SFR portfolio acquisitions. Spencer has a BS in Finance from Tulane University.

John Jenkins joins as an Associate after almost three years with the largest US residential mortgage REIT, Annaly Capital Management. He has specialized in the structuring, data analysis, and acquisition of billions of dollars of single-family loan portfolios. In addition, he has worked on both seasoned and new origination whole loan transactions. John has an MS in finance from Imperial College Business School, London, and BA in Business/Economics from Ursinus College and is a CFA.

Both John and Spencer will be located in the New York office and working closely with Mission executives in New York, Texas, California and Florida.

As always, we look forward to working with you in the future. If you have any questions, please do not hesitate to reach out to us.

 

Best Regards,

David & Joe

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Hotel is Ace Hotels’ first “Sister City”-branded property

NEW YORK (March 20, 2019)

Mission Capital Advisors announced that it has arranged $80 million of bridge financing for the recently completed Sister City hotel, a 200-key hospitality property located at 225 Bowery, at the intersection of the SoHo and Lower East Side neighborhoods of Manhattan. The Mission Capital team of Jonathan More, Steve Buchwald, Ari Hirt and Jamie Matheny arranged the first-mortgage financing from Bank Hapoalim on behalf of a partnership between Omnia and Northwind Group.

After purchasing the property, Omnia and Northwind commenced a major construction campaign, adding three floors and transforming the century-old building into an amenity-laden, food-and-beverage-centric hotel. The first Sister City property created by Ace Hotels, the 14-story building will feature a 234-seat café restaurant, a 150-seat rooftop bar with sweeping views of Manhattan, and a ground-floor garden.

“We see that the Bowery is really becoming a prominent nightlife destination,” said Northwind managing partner Ran Eliasaf. “It has truly become the bridge between the Lower East Side and Nolita in Manhattan.”

A new concept from Ace Hotels, which will manage the property, the Sister City brand brings a fresh experience to travelers, offering comfort, beauty and human connection. Acclaimed for its hotels’ innovative design and development, Ace is one of the premier hotel operators, with nine other properties – and 1,400 rooms – in prime markets across the country.

Omnia and Northwind previously worked together on a number of successful projects, including a luxury rental building at 351 West 54th Street in Hell’s Kitchen, which they sold to Bentley Zhao in 2017 for $34 million.

The Omnia Group is a full-service development, design, and building firm focused on commercial and residential real estate in Manhattan. Run by President David Paz, Omnia has completed over 20 projects in Manhattan with over 475,000 square feet of residential units with a combined value of over $300 million.

The Northwind Group, led by Ran Eliasaf, is a Manhattan based real estate private equity firm focused on commercial, value-add residential, hospitality, and senior-living properties.

SAN ANTONIO, Texas (Feb. 25, 2018)

Mission Capital Advisors announced that it represented Entrada Partners in the sale and financing of a 484,369-square-foot industrial portfolio in San Antonio, Texas. The Mission Capital team of Will Sledge and Kyle Kaminski arranged the sale on behalf of both Entrada and the seller, a CMBS special servicer. The Mission Capital Debt and Equity Finance team of Alex Draganiuk and Lexington Henn arranged the non-recourse acquisition loan.

The portfolio comprises four properties, three of which are located just inside I-410 in the northwest of the city, and the fourth just minutes away in Leon Valley. The portfolio’s total occupancy is 88 percent. The properties include:

      • 7402-7648 Reindeer Trail, a five-building, 251,125-square-foot distribution property
      • 1700 Grandstand Drive, a three-building property, which features 59,863 square feet of light industrial / flex space
      • 7042 Alamo Downs Parkway, a 27,987-square-foot light industrial / flex property
      • 5405 Bandera Road, a 145,394-square-foot distribution center just over the San Antonio border in Leon Valley

“Entrada was purchasing this property from a CMBS special servicer, and we were presented with a very limited timeframe in which to close the acquisition financing,” said Draganiuk. “With four properties serving as collateral and a fair amount of required maintenance, this was a complex deal for lenders to underwrite, but we were able to close a non-recourse loan with a regional bank.”

Added Draganiuk: “By canvassing the capital markets for the best offers, we were able to secure very strong terms for Entrada. The mortgage was structured interest-only for the first several years, and also featured release prices for the different properties, giving Entrada significant flexibility to execute its business plan.”

For Entrada, the four properties were attractive because of their significant upside as well as their geographic location. Headquartered in Los Angeles, the firm has a regional office and significant holdings in San Antonio, and is ideally positioned to unlock the portfolio’s full value.

“The investment represented a fantastic opportunity to expand our presence in the San Antonio market,” said Reuben Berman, founder and partner of Entrada. “We believe San Antonio provides a great investment environment due to its job and population growth, diversified economy, abundant work force and affordable cost of living. San Antonio is the 24th largest MSA in the United States, but has the 3rd highest population growth rate (15.5% between 2010 and 2017). This growth is naturally creating more demand for real estate to live and work in.”

By Timea Matyas | Commercial Property Executive

Entrada Partners Acquires San Antonio Industrial Portfolio

The four properties have a combined 484,369 square feet and an 88 percent occupancy rate. All the assets are close to the Interstate 410 loop.

Entrada Partners has acquired a four-property, 484,369-square-foot industrial portfolio in San Antonio, Texas. Mission Capital Advisors arranged both the sale and the financing of the assets. The portfolio’s total occupancy is 88 percent.
Three of the four assets are located within the Interstate 410 loop, close to the interstate in the northwest area of the city, and all are within 4 miles of Ingram Park Mall. The properties are:

      • 7402-7648 Reindeer Trail, a five-building, 251,125-square-foot distribution facility
      • 1700 Grandstand Drive, a three-building property which includes 59,863 square feet of light industrial/flex space
      • 7042 Alamo Downs Parkway, a 27,987-square-foot light industrial/flex property
      • 5405 Bandera Road, a 145,394-square-foot distribution center

Mission Capital Advisors’ Will Sledge and Kyle Kaminski of the asset sales team arranged the transaction on behalf of the seller. Alex Draganiuk and Lexington Henn of the company’s capital debt and equity finance team arranged the non-recourse acquisition loan on behalf of the buyer. In late 2018, the company also arranged a $13 million floating-rate financing for a Chicago retail asset.
“The mortgage was structured interest-only for the first several years, and also featured release prices for the different properties, giving Entrada significant flexibility to execute its business plan,” Draganiuk said in a prepared statement.

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February 14, 2019 | Connect Chicago Commercial Real Estate News

Mission Capital Advisors’ asset sales group is marketing 400 Nave Rd., SE, a 243,000-square-foot industrial property in Massillon, OH net leased to a credit tenant. The firm’s Will Sledge and Kyle Kaminski are marketing the property on behalf of a CMBS special servicer.

The single-story property is fully occupied by A.R.E. Accessories, a manufacturer of fiberglass and aluminum truck caps and covers as well as LED lighting.

“This location serves as A.R.E.’s headquarters, and over the past few years, A.R.E. has made improvements to several portions of the building interior,” said Kaminski. “With a credit tenant demonstrating that level of commitment, this property is likely to maintain its strong cash flow for the foreseeable future.”

The property will be auctioned on the RealINSIGHT Marketplace in early March. “It’s rare to find an investment opportunity like this on a real estate auction platform, and we anticipate significant interest from net-lease buyers,” Kaminski said.

With 65.7-percent occupancy, property offers investors the opportunity to add value through strategic lease-up

WAITE PARK, Minn. (Feb. 6, 2019) – Mission Capital Advisors, a leading national real estate capital markets solution firm, today announced that its Asset Sales Group is marketing Marketplace Retail and Office Center, a five-building, 121,406-square-foot, mixed-use property located at 110 2nd Street South in Waite Park, Minnesota. 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 properties will be auctioned on the RealINSIGHT Marketplace platform, with the bidding window opening on March 4 and closing on March 6.

Located in the western portion of the St. Cloud submarket, Marketplace Retail and Office Center consists of a four-story, 88,190-square-foot building containing a mix of retail and office space, and four single-story retail buildings, ranging in size from 1,740 to 19,716 square feet. The property’s total occupancy is 65.7 percent.

“With five separate buildings, and room to build significantly on the property’s existing tenant base, this offering will provide strategic investors with various opportunities to create value,” said Kaminski. “In addition to increasing cash flow by leasing up the vacant space, the buyer will be able to consider a range of other value-add plays, including selling off some of the outparcels, or redeveloping parts of the property.”

The property’s retail tenant mix features several national and retail chains, including Starbucks and Pizza Ranch. The property is shadow-anchored by Dick’s Sporting Goods, Five Below and Fresh Thyme Farmers Market. With its location in the prime retail area of St. Cloud and Waite Park, it is less than a mile from the popular Crossroads Center, offering convenient access to Macy’s, JCPenney, Sears and Target.

“This is the perfect investment for a buyer who combines a creative approach with a strong leasing and management team that can increase the property’s occupancy,” said Kaminski. “With its strong location in the local market, we anticipate significant interest from local and national investors.”

Mission Capital Brings Retail/Office Mix to Market in St. Cloud

February 7, 2019

Mission Capital Advisors’ asset sales group is marketing Marketplace Retail and Office Center, a five-building, 121,406-square-foot, mixed-use property in Waite Park, MN. The team of Will Sledge, Kyle Kaminski and Tom Karras is marketing the property on behalf of a CMBS special servicer.

The properties will be auctioned on the RealINSIGHT Marketplace platform, with bidding between March 4 and March 6.

Located in the western portion of the St. Cloud submarket, not far from the popular Crossroads Center, Marketplace Retail and Office Center includes a four-story, 88,190-square-foot building containing a mix of retail and office space, and four single-story retail buildings. Total occupancy is 65.7%.

“This is the perfect investment for a buyer who combines a creative approach with a strong leasing and management team that can increase the property’s occupancy,” said Kaminski. “With its strong location in the local market, we anticipate significant interest from local and national investors.”

See more here:

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Mission Capital selling five-building mixed-use property in Minnesota

February 7, 2019

Mission Capital Advisors’ Asset Sales Group is marketing Marketplace Retail and Office Center, a five-building, 121,406-square-foot, mixed-use property at 110 2nd St. South in Waite Park, Minnesota. 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 properties will be auctioned on the RealINSIGHT Marketplace platform, with the bidding window opening on March 4 and closing on March 6.

Located in the western portion of the St. Cloud submarket, Marketplace Retail and Office Center consists of a four-story, 88,190-square-foot building containing a mix of retail and office space, and four single-story retail buildings, ranging in size from 1,740 to 19,716 square feet. The property’s total occupancy is 65.7 percent.

The property’s retail tenant mix features several national and retail chains, including Starbucks and Pizza Ranch. The property is shadow-anchored by Dick’s Sporting Goods, Five Below and Fresh Thyme Farmers Market. With its location in the prime retail area of St. Cloud and Waite Park, it is less than a mile from the popular Crossroads Center, offering convenient access to Macy’s, JCPenney, Sears and Target.

See more here:

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Mission Capital Advisors Marketing 121,406-Square-Foot MN Retail/Office Property

February 11, 2019

WAITE PARK, MN—Mission Capital Advisors, a national real estate capital markets solution firm, is marketing Marketplace Retail and Office Center, a five-building, 121,406-square-foot, mixed-use property located at 110 2nd Street South in Waite Park, MN. 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.

Located in the western portion of the St. Cloud submarket, Marketplace Retail and Office Center consists of a four-story, 88,190-square-foot building containing a mix of retail and office space, and four single-story retail buildings, ranging in size from 1,740 to 19,716 square feet. The property’s total occupancy is 65.7 percent.

“With five separate buildings, and room to build significantly on the property’s existing tenant base, this offering will provide strategic investors with various opportunities to create value,” says Kaminski. “In addition to increasing cash flow by leasing up the vacant space, the buyer will be able to consider a range of other value-add plays, including selling off some of the outparcels, or redeveloping parts of the property.”</em

The property’s retail tenant mix features several national and retail chains, including Starbucks and Pizza Ranch. The property is shadow-anchored by Dick’s Sporting Goods, Five Below and Fresh Thyme Farmers Market. With its location in the prime retail area of St. Cloud and Waite Park, it is less than a mile from the popular Crossroads Center, offering convenient access to Macy’s, JCPenney, Sears and Target.

“This is the perfect investment for a buyer who combines a creative approach with a strong leasing and management team that can increase the property’s occupancy,” says Kaminski. “With its strong location in the local market, we anticipate significant interest from local and national investors.”

See more here:

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2/05/19

AVISON YOUNG – Jay Maddox and Peter Sherman with Avison Young arranged a $29 mil loan on behalf of Mega Home LLC to refinance the construction and sell-out of a partially completed 80-unit condominium project located in Los Angeles’ Koreatown community. Locally based private lender Parkview Financial provided the loan. Golden Galaxy Plaza Condominiums is located on Leeward Ave, two blocks south of the Wilshire/Vermont MTA station. It will feature luxury condominium units ranging in size from 493 sf to 1.8k sf, with an average unit size of 1.2k sf, and consist of a mix of studio, one-, two- and three-bedroom units. All units will feature modern appliances and top quality amenities. The five-story building includes a pool, spa, interior courtyards, gym, meeting space and 188-stall subterranean parking garage. Completion is anticipated in spring of 2019.

NORTHMARQ CAPITAL – Nate Prouty, Andy Slaton and Briana Harney with NorthMarq Capital arranged a $26 mil bridge loan for the acquisition of Cypress Village, an 88-unit multifamily property located at 6343 Lincoln Avenue in Buena Park. Cypress Village, built in the early1960’s, was acquired as a value-add opportunity. The borrower plans to update unit interiors and make improvements to the exteriors and common areas. The property is located in close proximity to Cypress College, retail establishments along Lincoln Avenue, Buena Park’s Downtown shopping center, and Knott’s Berry Farm. The transaction was structured with a 24-month, interest-only term. The borrower was a local entity in a joint venture with Harbert Management Corporation.

GEORGE SMITH PARTNERS – Shahin Yazdi, Jonathan Lee, David Stepanchak, Matthew Kirisits, Olga Alworth and Samuel Sarshar with George Smith Partners placed an $8 mil bridge loan for the refinance of a 40% occupied medical office building in Riverside County. The loan floats at a rate of Prime + 1% with interest only payments. The initial term is 12 months and two 6-month extensions are available. Proceeds are structured as $5.8 mil in initial funding, with an additional $2.2 mil that can be drawn down as the property leases up. The borrower had recently successfully negotiated a long-term lease with a well-known anchor tenant. They also invested $1.4 mil in capital expenditures resulting in a total renovation of the property. Since signing the Anchor Tenant, the borrower has successfully negotiated long term NNN leases with several other smaller tenants.

MISSION CAPITAL ADVISORSJason Parker, Steven Buchwald and Alex Draganiuk with Mission Capital Advisors have arranged a $7.3 mil, non-recourse land loan for the acquisition of 5656 San Felipe Street, a 1.26-acre development site in Houston. The borrower, Houston-based Pelican Builders, is working to finalize plans for an as-of-right, 17-story condominium project, which will include 67 luxury residences and 191 parking spaces. Located at the nexus of the highly desirable Galleria/Uptown and Tanglewood neighborhoods, the 322.7k sf property will provide the area with much-needed luxury residential product. Current plans for the development call for 67 well-appointed residences with on-site amenities that include a pool deck, resident lounge, state-of-the-art fitness center and a dog park. The project is expected to break ground in October 2019. With its central location near leading commercial and residential neighborhoods, the development will offer residents easy access to a wide range of shopping and cultural / entertainment options, including Whole Foods, iPic Theater and the Houston Country Club. It is within 1.5 miles of The Galleria, the fourth largest retail complex in the country, with high-end tenants including Saks Fifth Avenue, Nordstrom and Neiman Marcus. Led by Robert F. Bland, Robert F. Bland, Jr. and Derek Darnell, Pelican Builder’s portfolio includes more than 2,000 residences, spread across high-rise and mid-rise buildings, townhomes and apartment projects.

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January 30, 2019

Starcity has received a $14.5M construction loan for the redevelopment of a Tenderloin building into a 55-unit co-living facility.

Mission Capital Advisors’ Debt and Equity Finance Group arranged the loan for the co-living company for the property at 229 Ellis St. in San Francisco.

Starcity bought the building, which has an interesting history, in March. The property was built in 1910 and operated as a Turkish bathhouse for more than 70 years. It had been vacant for more than a decade before Starcity bought it.

There was a lot of interest among lenders for the construction loan.

“Co-living is still a relatively new property type, but we’ve now worked on several of these transactions and are beginning to see increased interest from the lending community,” said Mission Capital’s Matt Polci, who, with Alex Draganiuk and Justin Hunt, secured the loan. “By employing a competitive process in our lender outreach and underscoring Starcity’s track record of success, we were able to generate several strong bids. We ultimately structured this very favorable nonrecourse financing from Ready Capital Structured Finance.”

The building will undergo a complete gut renovation. Construction is expected to be complete in the fall.

Following the pattern of other Starcity properties, the 27,542 SF building will be converted into a fully furnished co-living property with amenities such as community meals, WiFi, 24/7 laundry and cleaning services.

Starcity has 10 Bay Area properties, recently expanded into the Venice Beach area of Los Angeles and has plans for two ground-up co-living developments that will include what the company asserts will be the largest co-living project in the world.

The 55-unit 229 Ellis property will be the company’s largest to date. The project is three blocks from Union Square and near transit.

“We love working with innovative developers, and we’re very proud to participate in Starcity’s efforts to redefine residential living and to create affordable housing alternatives in dynamic neighborhoods in high cost of living cities,” Draganiuk said. “With rental rates climbing across the Bay Area, it’s particularly important for developers to find creative housing solutions, and we’re excited to help Starcity turn 229 Ellis — as well as other projects in their pipeline — into a reality.”

See more here:

Tenderloin Co-Living Development Secures Construction Financing

February 13, 2019

Mission Capital Advisors arranged $14.5 million of non-recourse financing for 229 Ellis Street in San Francisco’s Tenderloin district. The borrower, Starcity, plans to use loan proceeds to completely transform the 27,542-square-foot property into a co-living community with 55 units.

The historic property was built in 1910, and was operated as a Turkish bathhouse for more than 70 years. After lying vacant for a decade, Starcity acquired the building in March 2018. Starcity communities include a private, fully furnished bedroom, complemented by shared kitchens and living spaces, so residents can be a part of a greater community.

Mission Capital’s Matt Polci, Alex Draganiuk and Justin Hunt secured the loan from Ready Capital Structured Finance.

Starcity has six communities open in San Francisco and Los Angeles, and hundreds of units coming online in 2019.

See more here:

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Property is in the final stages of significant capital improvements campaign.

MIAMI (Jan. 27, 2019) — Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged a $26-million, non-recourse bridge loan for 44 West Flagler Street, a 164,000-square-foot office building in downtown Miami, Florida. The Mission Capital team of Jeff Granowitz, Ari Hirt and Daniel Azizi represented property owner Brickman in securing the floating-rate financing from a mortgage REIT. The transaction closed on December 20. After acquiring the property in 2016, Brickman implemented significant capital improvements to the 26-story building, including large-scale renovations to the building’s entranceway, lobby and building systems, and the addition of tenant amenities, including a conference facility and a fitness center. With renovations now substantially complete, the building has been transformed into one of the most attractive commercial properties in its class.

“Brickman is well-regarded across the country as a strategic investor with the ability to add value to existing office assets,” said Hirt. “There is appetite in the capital markets for transitional assets with strong sponsorship, and Brickman’s stellar reputation across the industry was instrumental in our ability to attract lender interest.” With its location in downtown Miami, the property is conveniently located near various mass transit options, and is within walking distance of MBTA, Metromover and Brightline Railway stops. The property is also less than one mile from Miami World Center, an under-construction mega-development which will include 300,000 square feet of retail space, 500,000 square feet of office space, several acres of open space, and a Marriott Marquis World Convention Center Hotel with 1,800 rooms and 600,000 square foot of convention space.

“Brickman has done an incredible job of refashioning this office building into a best-in-class commercial facility, and the success of the capital improvements campaign was a key part of the successful execution of this deal,” added Azizi. “While we were dealing with a compressed timeframe to ensure that the deal closed by year-end, we cast our net to a wide range of lenders, and ultimately had both banks and non-bank lenders bidding on it. The interest we generated translated into several very strong offers, and we were able to lock in this floating-rate deal with strong leverage and extremely competitive pricing.” Brickman is a leading New York-based real investor and operator that has owned, operated, leased and asset-managed more than 8.6 million square feet of office property. The firm’s current office portfolio of 2.3 million square feet includes properties in eight markets across the United States.

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.

January 14, 2019

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.

Mission Capital closes Amarillo hotel loan

February 6, 2018

Mission Capital Advisors’ Debt and Equity Finance group arranged a non-recourse, floating-rate loan for the acquisition and renovation of a 229-key hotel at 1911 East I-40 in Amarillo, Texas.

The existing property, which currently operates as an unflagged hotel, will 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 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.
Stonehill, which specializes in value-add deals, was attracted to the sponsor’s local market expertise.

See more here:

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Leading developer acquires 1.26-acre property with plans to develop
67-unit luxury condominium property

 

HOUSTON (Jan. 3, 2019) — Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged a $7.3-million non-recourse land loan for the acquisition of 5656 San Felipe Street, a 1.26-acre development site in Houston. The borrower, Houston-based Pelican Builders, is working to finalize plans for an as-of-right, 17-story condominium project, which will include 67 luxury residences and 191 parking spaces. The Mission Capital team of Jason Parker, Steven Buchwald and Alex Draganiuk arranged the financing from a national real estate finance company.

Located at the nexus of the highly desirable Galleria/Uptown and Tanglewood neighborhoods, the 322,708-square-foot property will provide the area with much-needed luxury residential product. Current plans for the development call for 67 well-appointed residences with on-site amenities that include a pool deck, resident lounge, state-of-the-art fitness center and a dog park. The project is expected to break ground in October 2019.

“Pelican is one of most seasoned condo developers in the region, and we received a lot of interest from capital providers interested in providing them with the land loan that will pave the way for the condo development,” said Parker. “With the property’s strong location and the unmet demand for luxury condos in this prime area of Houston, we were able to structure favorable financing with a national real estate finance company.”

With its central location near leading commercial and residential neighborhoods, the development will offer residents easy access to a wide range of shopping and cultural / entertainment options, including Whole Foods, iPic Theater and the Houston Country Club. It is within 1.5 miles of The Galleria, the fourth largest retail complex in the country, with high-end tenants including Saks Fifth Avenue, Nordstrom and Neiman Marcus.

Houston-based Pelican Builders has been active in residential development for more than 40 years. Led by Robert F. Bland, Robert F. Bland, Jr. and Derek Darnell, the company’s portfolio includes more than 2,000 residences, spread across high-rise and mid-rise buildings, townhomes and apartment projects.

 

 

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 City, Florida, Texas, California, and Alabama. 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 due diligence and valuation. Mission Capital Advisors is extremely active in arranging financing for office, industrial, multifamily, retail and self-storage properties across the country. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 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.

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.

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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.

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January 2, 2019 – Richmond, ID

Mission Capital Advisors, a national firm, is handling the marketing of the real estate sake of the former Marsh Store, which was sold in a sheriff sale nearly a year ago to Wells Fargo Bank.

Cox Supermarkets, which had operated groceries in the city since the mid-1940s, sold the South E Street site to Marsh in 1999. The 14,730-square-foot building was home to a Marsh store until it closed in March 2017 as the regional grocery chain went under. It’s been vacant since.

The last remaining Marsh store in Richmond, ID, at 501 National Road W., is now called Needler’s, after it was bought along with several others by Ohio-based grocer Fresh Encounter.

According to online property tax records, the assessed valuation for the South E Street property is $230,500.

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