Mission Capital Structures a $23-Million JV Equity Investment for Largo’s Acquisition of Williamsburg Development Site
Buyer plans to develop a 105,000 square foot mixed-use property with luxury condos, office, retail and an automated parking garage
NEW YORK — Largo and Mission Capital Advisors announced that Mission Capital’s Debt and Equity Finance Group has structured a joint venture between Largo and First Atlantic Real Estate for the $25-million acquisition of 215 North 10th Street, an 18,000-square-foot corner development site in the North Williamsburg section of Brooklyn, New York. This North Williamsburg deal is the first investment that First Atlantic and Largo have partnered on and Largo’s ninth deal in Williamsburg. The Mission Capital team of Jordan Ray, Ari Hirt, Steven Buchwald and Jamie Matheny worked on structuring First Atlantic’s $23-million equity investment and has also been engaged to arrange the construction financing.
The JV has also purchased inclusionary air rights allowing for the development of a 105,000-square-foot, seven-story mixed-use property with approximately 31 luxury condominiums, 45,000 square feet of office, 7,000 square feet of retail and 85 parking spaces. Construction is expected to begin in the second quarter of this year.
“Largo is one of the most active developers in New York right now and really earned their stripes in Williamsburg early in this cycle, with this project being their ninth in the neighborhood. They know what product the market needs and can execute.” said Ray. “Raising JV equity for ground-up construction right now is challenging, but we are intimately familiar with the demand in the local market and were able to demonstrate that to First Atlantic. There really aren’t very many options for growing families to expand in north Brooklyn right now. There is a whole market of buyers who have lived locally and don’t want to leave the neighborhood because units that suit their needs don’t exist. Not only do they want to live in Williamsburg, but they want to work there as well, which has created a big demand for quality office space. Largo and First Atlantic saw a need and will fill it.”
Largo is a private real estate development and investment firm founded by Nissim Ben-Nun and Nicholas Werner. Largo specializes in the acquisition, development, and operation of luxury multifamily and mixed-use real estate in New York City, and is currently heavily active in the Manhattan and Brooklyn markets.
Since its founding in 2009, Largo has successfully developed over 1.4 million square feet of luxury rental apartments, condominiums and mixed-use properties.
In addition, Largo provides construction management services for many of its projects through its construction management operation Largo Construction.
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California, and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across debt, mezzanine, and JV equity placement; commercial and residential loan sales; and loan portfolio due diligence and valuation. Mission Capital Advisors is extremely active in arranging financing for office, industrial, multifamily, retail and self-storage properties across the country. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of financing and loan sale transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.www.missioncap.com.