Mission Capital Advisors has arranged $95 million in construction financing on behalf of Property Markets Group and Madison Equities. The loan will be used for the development of 10 Sullivan St, a residential property in the borough of SoHo neighborhood.
THE LARGEST COMMEROAL/INVESTMENr NEWSPAPER COVEIUNGTHE S"IArE
Volume 26 8 Issue 07 AprilS – 21,2014
COHEN,HIRT,BUCHWALD AND MATHENY SECURE 80% LOAN-TO-COST ANANCING
Mission Capital arranges $95m const. loan for condo development
MANHATTAN,NY Mission Capital Advisors (www.missioocap.com), oneofthe leadingnationalrealestale
Hlrt Mlllileny capitalmarketssolutions finns, debt
&equity financegroupbas ammged
8lld Madison Equities.Theloan will
be used for the development of I0
SullivanSt,aresidential property in
the borough's SoHo neighborhood.
A fore willconsistofl9oondomin.iumunits in a 16-story tower, as weU as four JioortawnhomesaD<Ia
A Mission Capital team of man
Ari Hirt, associate director Ste
ven Buchwald 8lld analyst Jamie Matheny secured the 80'i6'<1oan–to cost financing. The non-recourse loan bas a five–year loan term including aU extension options.
'"The realization of non-recourse,
80% loan-to-cost construction fi
=ingforaground–upcoodomini urn development is incredibly rare in the current market cycle:'Cohen said"MissiooCapitall>abilitytofind alenderthatnotmanycompaniescan reacbwasamajorfactorinclosingthe
deal Whilethe lender basbeenvery
selective in the loans it bas closed
the Uniled States, we were able to demon SIIate that !be project is well positioned to enal:ile ownership to repay theloanthrough ooodominium sales."
LocatedonSullivan StbetweenSixlbAve., SpringStaD<IBroome St, 10 Sullivan St. is close to some of the best sbopeing and restawants that New York City bas to of fer. The project will be unique within the neighborhood, as the site's distinct shape will aUow for several full-floor units with
including a duplex and triplex within a designed tower re
sembling the Flatiron
Building. "t• Rendering of10SUllivan Street-Manhlltlan, NY