Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group has a secured $16-million construction loan from Bancorp South (BXS) on behalf of the sponsor, 30 East Holdings, LLC, for the development of a 120-unit luxury apartment community in Seacrest Beach, Florida.
Media Contact: Amanda Ferraro Beckerman
FOR IMMEDIATE RELEASE
Mission Capital Advisors Arranges $16 Million in Construction Financing for
Luxury Apartment Development in Florida
Lofts at Seacrest Reflective of Demand for Luxury Product in Tertiary Markets
SEACREST BEACH, Fla. (Sept. 14, 2015) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group has a secured $16-million construction loan from Bancorp South (BXS) on behalf of the sponsor, 30 East Holdings, LLC, for the development of a 120-unit luxury apartment community in Seacrest Beach, Florida.
Philip Justiss, who recently joined Mission Capital as a director in The Debt & Equity Group, represented
30 East Holdings, LLC.
“Though such a product does not currently exist in this market, the developer sees a very high demand for Class-A apartments. There are luxurious short term rentals, and there are traditional tertiary market apartments, but luxury and long term do not intersect.” Justiss explained. “This was one of the key factors that cemented the deal. We worked very closely with our key lender contacts who know this market well, and were able to offer aggressive terms that would allow the sponsor to move the project forward immediately. It is yet another example of Mission Capital’s ability to tap into an expansive network of lenders nationwide.”
The Lofts at Seacrest sits directly between Alys Beach and Rosemary Beach in the highly desired
Highway 30A corridor in South Walton County. The Northwest Florida destination is well regarded for its upscale shopping, dining, championship golf courses, stunning beach views and community feel.
Amenities at the multifamily development will include a state-of-the-art fitness center, pool and clubhouse, and gated private beaches. The property will also offer garages for residents, which is uncommon for apartments in the 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 City, Florida, Texas, California and Mobile, Al. 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 $45 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.missioncap.com.