Interim financing will enable developer to complete construction, ramp property occupancy
Mission Capital Advisors today announced that its Debt and Equity Finance Group structured $18.5 million of non-recourse bridge financing for The Falls, a 116-unit luxury apartment community located in Hudson, New York. The loan, which was provided by Walker & Dunlop, will retire the existing construction loan and will provide the sponsor with additional proceeds to complete construction of the community. The Mission Capital team of Rob Beyer, Ari Hirt, Steven Buchwald, Alex Draganiuk, David Behmoaras and Justin Hunt secured the financing on behalf of JMS Construction.
JMS acquired the 22-acre property – formerly the Greenport Elementary School – in 2015, with plans to redevelop it into the region’s premier luxury apartment community. When complete, the community will comprise four interconnected buildings, featuring indoor and outdoor pools, a full fitness center, walking trails, wine cellar, a spinning/yoga studio, a 30-seat movie theater, event space and a first-class spa complete with sauna, steam room and salt room.
“The Falls will be the premier residential community in the region; however, the lack of comparable product was something of a challenge,” said Beyer. “In recent years, Hudson has become a popular weekend retreat for New Yorkers, and many empty nesters have begun eyeing the area as a potential relocation spot because of its vibrant arts and culture scene and the accessibility it offers to New York City and Albany. By stressing the area’s increasing allure, we were able to attract numerous non-recourse bids for the sponsor, ultimately securing an attractive loan from Walker & Dunlop.”
Added Hirt: “There is a considerable amount of bridge capital in the market, and we were able to communicate the project’s short path to stabilization, which enabled us to generate strong lender interest. The sponsor was looking for interim financing as they complete construction and ramp up occupancy, and we structured a favorable deal with Walker & Dunlop that will enable JMS to secure a permanent loan once the property is stabilized.”
JMS is a family-owned real estate developer and owner based in Hudson. The firm owns nine apartment properties in the area, including two in Hudson, and will oversee The Falls’ leasing and management. Notably, the company’s corporate office is located on-site at The Falls.
Mission Capital Advisors has a strong pipeline of activity and is extremely active in arranging financing for office, industrial, multifamily, retail and self-storage properties across the country.
Mission Capital Advisors secures $18.5M for The Falls in Hudson, NY
October 18, 2017
Mission Capital Advisors Debt and Equity Finance Group structured $18.5 million of non-recourse bridge financing for The Falls, a 116-unit luxury apartment community in Hudson, New York.
The loan, which was provided by Walker & Dunlop, will retire the existing construction loan and will provide the sponsor with additional proceeds to complete construction of the community.
The Mission Capital team of Rob Beyer, Ari Hirt, Steven Buchwald, https://www.missioncap.com/team/?member=adraganiuk, David Behmoaras and https://www.missioncap.com/team/?member=jhunt secured the financing on behalf of JMS Construction.
JMS acquired the 22-acre property – formerly the Greenport Elementary School – in 2015, with plans to redevelop it. When complete, the community will comprise four interconnected buildings, featuring indoor and outdoor pools, a fitness center, walking trails, wine cellar, a yoga studio, movie theater, event space and a first-class spa complete with sauna, steam room and salt room.
$19M to Finish Construction in Hudson, NY
October 18, 2017
Mission Capital Advisors Debt and Equity Finance Group structured $18.5 million of non-recourse bridge financing for The Falls, a 116-unit luxury apartment community in Hudson, New York.
The loan, which was provided by Walker & Dunlop, will retire the existing construction loan and will provide the sponsor with additional proceeds to complete construction of the community.
The Mission Capital team of Rob Beyer, Ari Hirt, Steven Buchwald, Alex Draganiuk, David Behmoaras and Justin Hunt secured the financing on behalf of JMS Construction.
JMS acquired the 22-acre property – formerly the Greenport Elementary School – in 2015, with plans to redevelop it. When complete, the community will comprise four interconnected buildings, featuring indoor and outdoor pools, a fitness center, walking trails, wine cellar, a yoga studio, movie theater, event space and a first-class spa complete with sauna, steam room and salt room.