The Debt & Equity Finance Group arranged $21 million in first mortgage financing on behalf of Northwind Group for the $30.1 million acquisition of 66 Pearl Street, a six-story, mixed-use residential property located in the heart of New York City’s Financial District.
Media Contact: Shlomo Morgulis Beckerman
FOR IMMEDIATE RELEASE
Mission Capital Advisors Arranges $21 Million in Financing on Behalf of
Northwind Group for Acquisition of 66 Pearl Street
Competitive Process Generates Tremendous Interest in
Six-Story Landmarked Multifamily Mixed-Use Property in New York’s Financial District
New York, NY (October 30, 2014) — Mission Capital Advisors announced that its Debt & Equity
Finance Group arranged $21 million in first mortgage financing on behalf of Northwind Group for the
$30.1 million acquisition of 66 Pearl Street, a six-story, mixed-use residential property located in the heart of New York City’s Financial District.
The Mission Capital team, led by Jonathan More, and which also included Ari Hirt, Steve Buchwald and David Behmoaras represented the sponsor, Northwind Group, in arranging the financing with Sterling National Bank. Earlier this year, the same team also arranged an $11-million first mortgage financing on behalf of Northwind for 40 Wooster Street, a six-story office building located in New York’s historic Cast Iron district of SoHo.
“This was a rare opportunity to acquire a prime asset with strong upside potential in the heart of the Financial District, and we selected Mission Capital again based on their extensive knowledge of the New York City market, and capabilities to help us secure the most efficient source of financing,” said Ran Eliasaf, Managing Partner of Northwind Group.
“Northwind has quickly become one of New York’s most savvy boutique real estate investment firms, with an eye for value and an ability to get attractive deals done quickly and seamlessly,” said More.
“Mission Capital leveraged its extensive relationships with the capital markets to create a competitive process, receiving incredible interest based on the stellar sponsorship and quality of collateral in the country’s top multifamily and retail market. We were ultimately able to secure financing at a very low fixed interest rate and attractive proceeds with flexible terms,” More added.
66 Pearl Street is a six-story, 43,546 square-foot, landmarked pre-war mixed-use building located between Pearl and Water Streets in the heart of New York’s Financial District, just four blocks from Wall Street. The property is comprised of 42 residential units, with 6,485 square feet of ground floor retail.
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.