The Debt & Equity Finance Group arranged non-recourse financing totaling approximately $14.3 million on behalf of PEBB Enterprises for two shopping centers Shoppes at Chapel Hill, a regional shopping center in Cuyahoga Falls, Ohio, and Walden Park Shopping Center in Austin, Texas.
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FOR IMMEDIATE RELEASE
Mission Capital Advisors Arranges $14.3 Million in Financing for PEBB Enterprises Properties in Texas and Ohio
Leading Real Estate Capital Advisory Firm Continues to be Active in Central U.S. with
Financing of Two Shopping Centers
NEW YORK (Dec. 18, 2014) — Mission Capital Advisors announced that its Debt & Equity Finance Group arranged non-recourse financing totaling approximately $14.3 million on behalf of PEBB Enterprises for two shopping centers Shoppes at Chapel Hill, a regional shopping center in Cuyahoga Falls, Ohio, and Walden Park Shopping Center in Austin, Texas.
The Mission Capital team of Jordan Ray, Ari Hirt, Steve Buchwald, and Jamie Matheny represented
PEBB Enterprises in arranging financing for both deals.
“We generated strong interest from lenders for The Shoppes at Chapel Hill, and received numerous aggressive bids that enabled us to secure a 10-year, interest-only loan for our client,” said Ray. “We are seeing increased lender interest in quality properties in secondary and tertiary markets as real estate fundamentals remain strong.”
The Shoppes at Chapel Hill is an 85,229-square-foot, well-established shopping center located in a prime retail corridor in Cuyahoga Falls, Ohio, serving all of the Northern Akron and Southeast Cleveland suburbs. The property is anchored by tenants including Staples and Michael’s, and also features a Panera Bread and Brick House Tavern.
Following Mission Capital’s successful procurement of financing for PEBB’s Shoppes at Chapel Hill, the premier real estate investment, development and management firm retained Mission to secure cash-out financing for its Texas property.
“With new tenants set to move into the property but not yet open for business, securing favorable financing for the Walden Park Shopping Center presented some challenges,” said Hirt. “However, by leveraging our knowledge of the lending market, we were able to generate a tremendous number of competitive bids in the low 4-percent range, for a 10-year loan that is interest-only for five years. Ultimately, we were able to secure favorable high leverage financing with low spreads.”
Situated in a primary retail corridor of northwest Austin, Walden Park Shopping Center is a 57,569-
square-foot shopping center. Located near key highways and thousands of residential units, the property is home to a mix of national and local retailers, including anchor tenants HomeGoods, Ulta Salon,
Cosmetics & Fragrance, and Kirkland’s.
In recent months, Mission Capital has been extremely active in assisting clients with opportunities in secondary and tertiary markets. The PEBB transactions come on the heels of a $31.4-million financing arranged in October for a multifamily project in Indianapolis. Other recent transactions include the
procurement of financing for two shopping centers in Michigan, a shopping center in Alabama and a shopping center in Ohio.
“We were very satisfied with the market Mission created for our Ohio deal,” said Jared Weiner, PEBB Principal. “It was for this reason that we retained Mission to secure financing at the Walden Park Shopping Center, and considering the favorable cash out financing they secured in a somewhat challenging transaction, we have been quite impressed with the lender interest they have been able to generate.”
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading boutique real estate capital advisory firm specializing in high value-add debt, mezzanine, and JV equity, with offices in New York City, Florida, California and Texas. The firm is keen on maintaining its reputation as the premier New York based real estate capital advisory firm. 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.missioncap.com.