Mission Capital Advisor’s debt and equity finance group secured a $14.2 million first mortgage from TD Bank to fund capital improvements on Caesar’s Bay Shopping Center in Gravesend, Brooklyn.
MORTGAGE OBSERVER WEEKLY
Mission Capital Advisors' debt and cq·
u.it:y finance group secured a Sl4.2 million
first mortgage rrom
TD Bank to rund capi
Mortgage for Brooklyn
tal improvements onCaesar'S Bay Shopping Center i n Gravesend, Brooklyn,
Morcg(lge Observer Weeklycan
The financial advisory firm's Managing
Director Jason Coben arranged the five·
year non·recourse loan at a sub2
rate.The deal closed i n late June.
Mission Capil::ll declined to name the
lender, which mot
the t·rnnsaction provided on backgrou nd.
"We positioned the quntity of the asset
with a strong l:ineupofancbor tenants1 stra· tegic location and strength orthe sponsor to secw·e the most efficient sour<:e of C..'pital,'' Mr. Cohen said."'This will enable theowner toreinvest in the pror>erty, which con tlnues to serve lhe community as a PL'imary retaiJ destination. '
The 294,075-S<t <lllnHootshopping center located at 8973 Bay Parkway is anchored by Toys "R"Us.Kohls, Modell'!;and Best Buystores.
Hurricane Sandy struck the property in October 2012, causing the heaviest damage to the Toys ''R'' Usstore,which reopened in late June 2013.