More of Mission Capital secures $13M preferred equity investment

March 5, 2014

Source: NY Real Estate Journal

Mission Capital Advisor’s Debt & Equity Finance Group has arranged $13 million in preferred equity financing on a grocery-anchored shopping center.

More of Mission Capital Advisors secures $13 million preferred equity investment for grocery­ anchored shopping center

Westchester, NY According to Mission Capial Advisors, one of the

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leading nationalreal estate capi1almarkets solutions firms,its Debt &
Equity Finance Group has arranged $13 milion in preferred equity

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financing on a grocery-anchored shopping ce1ter.

A Mission Caphal team led by director Jonat1an More arranged the investment, which was provided by a shopping center investmenVdevelopment firm. In a compact timeframe, the Mission Capital team worked through the deal's S1ructural issues, and was able to swiftly canvass the market and create a competitive landscape to secure attractivelypriced capial at highly competitive terms.

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Jonathan More,Mission

According to More, this ultimate investor was attracted to the shopping center's high occupancy rate, grocer sales of 51,000 per slf, superb demographics and irrepal ceable infill location.He said the tenant roster has been predominately intact since the property's originaldevelopment nearly 30 years ago.

"The investment opportunity precluded the offering of the standard rights and remedies which generally accompany subordinate debt,a nuance which bifurcated the market's interest," More said. "Prior to commencing marketing efforts, our team thought creatively as to which types of sophisticated investors would immediately comprehend the property's overall value in seeing past the structural issues associated with the property capitalization. By tapping into Mission Capital's vast number of relationships with a wide range of capital sources, and leveraging the shopping center's superb collateral, we created a competitive market and transacted at attractive terms within a four· week timeframe."

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