With the Long Island City section of Queens continuing to emerge as one of the most sought-after locales in New York City, Mission Capital Advisors’ Debt & Equity Finance Group has arranged $50.6 million in bridge financing, in addition to a $15.0 mezzanine loan, for the acquisition and pre-development of a property at 42-50 24th Street.
Media Contact: Amanda Ferraro Beckerman
FOR IMMEDIATE RELEASE
Mission Capital Advisors Arranges $65.6M in Financing for Acquisition and Pre-Development of Long Island City Mixed-Use Property
NEW YORK (Dec. 22, 2015) — With the Long Island City section of Queens continuing to emerge as one of the most sought-after locales in New York City, Mission Capital Advisors’ Debt & Equity Finance Group has arranged $50.6 million in bridge financing, in addition to a $15.0 mezzanine loan, for the acquisition and pre-development of a property at 42-50 24th Street.
The Mission Capital team of Jason Cohen, Alex Draganiuk, Steven Buchwald and David Behmoaras arranged senior and mezzanine financing with Robyn Sorid and Jason Behfarin, Founding Principals of G4
Capital and Dan Cooperman, Chief Originations Officer of Terra Capital Partners, respectively, on behalf of Dynamic-Hakim and Property Markets Group, which they represented on an exclusive basis. The financing represents 79 percent project’s total capitalization.
This is the fifth transaction that G4 has entered into with PMG, and the second with Dynamic- Hakim. This is the first financing that Terra Capital has done with either borrower.
Dynamic-Hakim and Property Markets Group, which recently acquired Queens Plaza Park and Queens Plaza South in the same neighborhood, plans to invest additional capital to entitle the lot and prepare it for the development of a new residential and commercial building. The sponsor is also currently developing Queens Plaza South, a 44-story, 290,000-square-foot building just a block north of 42-
50 24th Street.
“Given the sponsor’s track record of success in the neighborhood, along with their business acumen and ability to execute on their business plans effectively and efficiently, we were able to secure extremely favorable financing that will allow Dynamic-Hakim and PMG to execute on its vision,” said Jason Cohen, Managing Director of Mission Capital.
Jason Cohen represented the partnership on an exclusive basis on the construction and mezzanine financing arranged for QPS, and arranged the original acquisition loan for the parcels of land that comprise QPP. He has also financed other projects for PMG, such as Echo Brickell and Echo Aventura in Miami, and 10 Sullivan Street and 111 Leroy in Manhattan.
“Sometimes you really need smart lenders, and this one had a short time frame in which to close, and a lot of moving parts, with both a senior and a mezz lender, plus critical tax and zoning legal issues, which made it particularly challenging and fun,” said Alex Draganiuk.
Located a few blocks from the Queens Plaza subway station with access to the 7, N, and Q subway
lines, 42-50 24th Street is just minutes to Grand Central Station in Midtown Manhattan via Metro North.
A leading real estate capital markets solutions firm, Mission Capital Advisors is extremely active in securing debt and equity financing for properties across the country. The firm also secured the financing for Queens Plaza South in November 2014.
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 $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,
About G4 Capital Partners
G4 Capital Partners is a real estate bridge lending group created to capitalize on perceived inefficiencies in the real estate finance market. G4’s principal focus is on senior secured transitional loans in the Northeast and Los Angeles, CA markets. However, G4 employs an opportunistic approach and considers ancillary lending and equity opportunities in real estate consistent with the group’s risk adjusted return philosophy. Investment decisions of G4 are guided by asset value and an assessment of whether the liquidation value of the collateral supports a full return of principal.
About Terra Capital Partners
Terra Capital Partners is a New York-based lender that specializes in mezzanine and bridge loans in high
quality commercial real estate. Terra lends on multifamily, hotel, office, retail and industrial properties throughout the United States. Since 2002, it has financed over 350 properties nationwide comprising more than 48 million square feet of space.