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.missioncap.com.