Mission Capital Arranges First Mortgage for Brooklyn Shopping Center

July 11, 2014

Source: Mortgage Observer Weekly

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.


Mission Capital

Mission Capital Advisors' debt and cq·

u.it:y finance group secured a Sl4.2 million

first mortgage rrom

TD Bank to rund capi­

Arranges First

Mortgage for Brooklyn

Shopping Center

tal improvements onCaesar'S Bay Shopping Center i n Gravesend, Brooklyn,

Morcg(lge Observer Weeklycan

exclusively report.

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.


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