Mission Capital Advisors, a national real estate capital advisory firm, today announced that its Debt & Equity Finance team arranged a $16.5 million bridge loan for Valley Square, a five-building, 289,194-square-foot office complex located at 512 Township Line Road in Blue Bell, Pennsylvania.
Media Contact: Shlomo Morgulis Beckerman
FOR IMMEDIATE RELEASE
Mission Capital Arranges $16.5 Million in Bridge Financing for
Valley Square Office Complex in Blue Bell, Pa.
Mission’s Second Suburban Office Financing for Contrarian Capital
BLUE BELL, Pa. (March 29, 2016) — Mission Capital Advisors, a national real estate capital advisory firm, today announced that its Debt & Equity Finance team arranged a $16.5 million bridge loan for Valley Square, a five-building, 289,194-square-foot office complex located at 512 Township Line Road in Blue Bell, Pennsylvania. The Mission Capital team of Steven Buchwald and Lexington Henn arranged the loan on behalf of Contrarian Capital Management, a Connecticut-based investment firm (“Contrarian”).
After acquiring the complex in 2013 for only $8.5 million, Contrarian and operating partner Corvest Realty Group implemented millions of dollars of capital improvements at the property and substantially leased many of the upgraded buildings.
“Because Valley Square was acquired at such a low basis, the property has a competitive advantage, as it provides a value alternative for office tenants looking for space in the submarket,” Buchwald said. “The sponsor has successfully repositioned the property, resulting in great leasing velocity and momentum.”
Originally constructed in 1983, Valley Square is located in the heart of Pennsylvania’s Montgomery County, approximately 20 minutes northwest of Philadelphia. The property provides easy access to the Pennsylvania Turnpike and other major thoroughfares.
Contrarian focuses on senior and distressed debt. The firm has invested approximately $1.1 billion in
112 domestic real estate transactions, and has more than $3 billion of assets under management.
Headed by Michael Corenzwit, Corvest Realty Group is a real estate investment company that specializes in repositioning commercial properties in the Philadelphia region.
Mission Capital Advisors is extremely active in arranging financing for office, hotel, multifamily, retail, industrial and self-storage properties across the country. Recent office deals include securing $41 million in financing for 1110 American Parkway NE, an office property in Allentown, Pennsylvania; arranging $45
million in financing for 1825 Park Avenue, a commercial building in Manhattan; and closing a $24.5 million loan for 9 West Broad Street, an office property in Stamford, Connecticut.
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 Raleigh, North Carolina. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across debt, mezzanine and JV equity placement; commercial and residential loan sales; 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 financing and loan sale 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