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

$95inillioninoonstructionfinancing

onbehalfofPropertyMarketsGroup
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

parlcing garage.

A Mission Capital team of man­
directorJasonCohen,director

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
360–degree views,

including a duplex and triplex within a designed tower re­

sembling the Flatiron

Building. "t• Rendering of10SUllivan Street-Manhlltlan, NY