Category: Press Release

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.

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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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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.

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Former Nursey School Set for Condos in Chelsea

July 23, 2018

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

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

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

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

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

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

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

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

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

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

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

 

 

About Mission Capital Advisors

Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York, Florida, Texas, California and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.www.missioncap.com.

 

About RealINSIGHT Marketplace

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

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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

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Mission Capital Structures a $23-Million JV Equity Investment for Largo’s Acquisition of Williamsburg Development Site

 

Buyer plans to develop a 105,000 square foot mixed-use property with luxury condos, office, retail and an automated parking garage

NEW YORK — Largo and Mission Capital Advisors announced that Mission Capital’s Debt and Equity Finance Group has structured a joint venture between Largo and First Atlantic Real Estate for the $25-million acquisition of 215 North 10th Street, an 18,000-square-foot corner development site in the North Williamsburg section of Brooklyn, New York. This North Williamsburg deal is the first investment that First Atlantic and Largo have partnered on and Largo’s ninth deal in Williamsburg. The Mission Capital team of Jordan Ray, Ari Hirt, Steven Buchwald and Jamie Matheny worked on structuring First Atlantic’s $23-million equity investment and has also been engaged to arrange the construction financing.

The JV has also purchased inclusionary air rights allowing for the development of a 105,000-square-foot, seven-story mixed-use property with approximately 31 luxury condominiums, 45,000 square feet of office, 7,000 square feet of retail and 85 parking spaces. Construction is expected to begin in the second quarter of this year.

“Largo is one of the most active developers in New York right now and really earned their stripes in Williamsburg early in this cycle, with this project being their ninth in the neighborhood. They know what product the market needs and can execute.” said Ray. “Raising JV equity for ground-up construction right now is challenging, but we are intimately familiar with the demand in the local market and were able to demonstrate that to First Atlantic. There really aren’t very many options for growing families to expand in north Brooklyn right now. There is a whole market of buyers who have lived locally and don’t want to leave the neighborhood because units that suit their needs don’t exist. Not only do they want to live in Williamsburg, but they want to work there as well, which has created a big demand for quality office space. Largo and First Atlantic saw a need and will fill it.”

 

About Largo

Largo is a private real estate development and investment firm founded by Nissim Ben-Nun and Nicholas Werner. Largo specializes in the acquisition, development, and operation of luxury multifamily and mixed-use real estate in New York City, and is currently heavily active in the Manhattan and Brooklyn markets.

Since its founding in 2009, Largo has successfully developed over 1.4 million square feet of luxury rental apartments, condominiums and mixed-use properties.

In addition, Largo provides construction management services for many of its projects through its construction management operation Largo Construction.

 

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.

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April 2, 2018


ARLINGTON, VA. — Mission Capital Advisors has arranged a $47 million bridge loan for the refinancing of Hyatt Place Arlington Courthouse Plaza, a 168-room hotel located at 2401 Wilson Blvd. in Arlington, roughly 5 miles southwest of Washington, D.C. The property is located adjacent to the Association of the United States Army (AUSA) Conference and Event Center. Jason Parker, Ari Hirt and Jamie Matheny of Mission Capital arranged the loan through EagleBank on behalf of the borrower, a partnership between The Schupp Cos. and LodgeWorks Partners. The eight-story hotel was constructed in 2016 and features a business center and indoor valet parking. In addition, the hotel is home to Verre Wine Bar on the ground level.

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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.

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Walker & Dunlop provided the non-recourse loan secured by the 320-key Sheraton Bay Point Resort



February 03, 2018

The owner of a 320-key Sheraton hotel in Panama City Beach got a $42 million loan secured by the renovated property.

An affiliate of Torchlight Investors, LLC, the owner of the Sheraton Bay Point Resort, got the non-recourse loan from Walker & Dunlop Commercial Property Funding.

In June 2016, the sponsor acquired the Sheraton Bay Point Resort, located along Saint Andrews Bay at 4114 Jan Cooley Drive in Panama City Beach.

After the acquisition, the hotel underwent a multi-million-dollar renovation program that upgraded guestrooms, banquet facilities, building exteriors and the hotel’s lobby as well as 120 on-site golf villas.

Amenities include an 18-hole golf course designed by Jack Nicklaus, three outdoor swimming pools, four restaurants, five clay courts for tennis, a 12,000-square-foot spa and a private beach with its own wait staff. The property manager is Crescent Hotels & Restaurants.

The debt and equity finance team at Mission Capital Advisors, LLC, arranged the $42 million loan from Walker & Dunlop. The team included Jonathan More, Ari Hirt, Steven Buchwald and Justin Hunt. – Mike Seemuth

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National Advisory Firm Procured Equity Partner for ABC Properties for New Acquisition Following the Sale of $25 Million Skyview-on-the-Hudson Debt to ABC in 1Q 2017

Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged approximately $20 million of equity financing for the acquisition of 146 rent-regulated condominiums at 733 Amsterdam Avenue, a luxury residential property in Manhattan. Jason Parker and Jeff Granowitz represented ABC Properties in bringing in a majority equity partner to facilitate the transaction with seller Starrett Corp. Mack Real Estate Credit Strategies also provided the buyers with a $55-million acquisition loan.

Constructed in 1971, the property — which is also identified as 175 West 95th Street — is a 27-story, 229-unit multifamily building. In 2015, the seller converted the building to condominiums and embarked on a significant capital improvements campaign, including refreshes to the entryway, terraces and common areas. With these enhancements, the property has been transformed into a premier luxury residence, which also features a 24-7 doorman/concierge, a newly-built fitness center, a children’s play space and a lounge.

ABC’s plans for the property include additional capital improvements to both common areas and apartment interiors.

“Our client, Myles Horn of ABC Properties, was seeking to acquire this well-appointed property with significant upside, and we were able to run an exclusive JV equity process in a very short timeframe to bring in a partner that would enable him to move forward with the transaction,” stated Granowitz.

In a separate transaction acquired by ABC Properties in the first quarter of 2017, Mission Capital advised the seller of the $25 million non-performing loan secured by the co-op shares relating to 262 apartments at Skyview on the Hudson in Riverdale, NY.

“Mission had a great experience with ABC on both transactions,” added Parker. “Myles and ABC have consistently been able to execute their value-add business plan and unlock the hidden potential of condominium properties. This is a trophy-type property in one of New York’s most attractive neighborhoods, and Myles recognized the significant potential that this condo package presented.”

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Mission Capital Advisors has arranged an $18 million non-recourse loan for Ashley Capital to refinance the Interchange Business Center

July 14, 2017

Mission Capital Advisors has arranged an $18 million non-recourse loan for Ashley Capital to refinance the Interchange Business Center, a 792,000-square-foot industrial property on a 55-acre site in La Vergne, Tennessee.

Mission Capital’s team of Gregg Applefield, Alex Draganiuk, Lexington Henn and Eugene Shevaldin represented the sponsor in arranging the loan.

In 2014, New York City-based Ashley Capital purchased the property from Whirlpool, which had used the property to manufacture KitchenAid appliances. After acquiring the largely vacant property, Ashley Capital made large-scale renovations, replacing the roof, incorporating additional dock doors, upgrading the building’s heating and cooling, completing the construction of office spaces and repainting the entire property.

This repositioning, coupled with the property’s access to the area’s major freeways, enabled Ashley to attract numerous new tenants and bring the Interchange Business Center to full occupancy. Current tenants include Penske Logistics, Amer Sports Company, Singer Sewing Company and Fulfillment Supply Innovation.

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Retail and office development pre-leased to tenants, including Target and Marshalls

NEW YORK (May 23, 2017) — Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged $41.6 million in financing for the construction of Kingswood Plaza II, a 106,000-square-foot office and retail development located at 1715 East 13th Street in the Midwood section of Brooklyn, New York. The Mission Capital team of Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras arranged the loan with a foreign bank on behalf of a joint venture between Infinity Real Estate and The Nightingale Group.

Located on the bustling Kings Highway retail corridor, Kingswood Plaza is ideally situated in the heart of Midwood, one of Brooklyn’s most populous and busiest neighborhoods. The development, which is 56-percent pre-leased to Target and Marshalls, will include three floors of professional/medical office space, in addition to its retail component.

“It is more challenging to get construction financing at this stage of the cycle, but lenders still have appetite for well-conceived projects in strong locations, and we generated multiple quotes on this deal from a wide range of lenders,” said Hirt. “We ultimately closed a very strong loan with a foreign bank, with high leverage and a low interest rate, attesting to the breadth of our lender contacts and the quality of the sponsor’s business plan.”

The property, a former two-story parking garage, is fully approved for the development and undergoing demolition. Located approximately a block from the subway station, the property provides convenient access to the B and Q trains, as well as several buses.

“The sponsors also own Kingswood Plaza I, a neighboring mixed-use property, and they have a keen understanding of the local market and the unmet demand for quality retail and office space. We had worked with Infinity in the past to secure acquisition financing for a property in Sheepshead Bay, and they recognized our unique ability to drum up lender interest – even at this stage of the cycle. With the retail pre-leased to investment-grade tenants, we were able to communicate the quality of the development to lenders, which enabled us to close a very favorable deal.” added Steven Buchwald.

Infinity Real Estate is a developer and operator of mixed-use real estate with more than 60 properties comprised of urban retail, boutique office, hospitality and over 1,000 rental apartments. The Nightingale Group is a privately held, vertically-integrated commercial real estate investment firm, whose portfolio spans over 11 million square feet of office and retail space across 22 states.

Mission Capital Advisors is extremely active at arranging construction financing, acquisition financing and refinancing for office, retail, hotel, multifamily, industrial and self-storage properties in markets across the country. In recent months, the firm has closed construction financing for hospitality and mixed-use properties in Illinois, Texas and Washington.

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