Mission Capital Advisors announced that the company has completed the sale of a loan on behalf of Union Bank for Shadow Mountain Marketplace, a 350,000-square-foot, 36-store anchored shopping center in Las Vegas. The unpaid principal balance of the loan was $48,380,000.
PRESS RELEASE: Mission Capital Advisors Completes Sale of $48-Million Loan Secured by Shadow Mountain Marketplace in Las Vegas
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LAS VEGAS –Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that the company has completed the sale of a loan on behalf of Union Bank for Shadow Mountain Marketplace, a 350,000-square foot, 36-store anchored shopping center in LasVegas.The unpaid principal balance of theloan was $48,380,000.The transaction is thelatest in a number ofloan sales completed by Mission Capital on behalf of Union Bank over thelast fewyears.
A team led by Mission Capital Managing Director Chad Coluccio completed the sale of theloan to a debt fund, which plans to work with the borrower to restructure theloan. Scott Myers, Director of Sales & Trading with Mission Capital, executed loan valuation analysis as part of the assignment.
"This transaction is an excellent example of the strength of Mission Capital's integrated
service platform, whereby our team determine>d an appropriate value for theloan, and through the execution of our marketing strategy, which included exposing the opportunity to a wide market of both real estate and restructure buyers, was able to secure multiple final bids in excess of our reserve price," stated Coluccio."Despite this being a stable asset with 96-percent occupancy, the timing of theloan's origination at the market's peak and the subsequent downturn in the market resulted in theloan falling into maturity default. We are very pleas;ed to have been able to dispose of this loan in a quick, efficient manner in which all parties involved were pleased with the outcome"
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,F1orida,Texas, Califomia andMobile,Al.The finn delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and.Wequity placement; and loan portfolio valuation.Since its inception,Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45billion of loan sale and financing transactions, as well as in excess of$14 billion of Fannie Mae and Freddie Mac transactions, positioning the finn 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 irifonnation,visit www.missioncap.com.