Mission Capital Advisors, a leading national real estate capital markets solutions firm, announced that its Asset Sales Group is marketing Riverchase Medical Suites, a 70,773-square-foot medical office property in Flowood, Mississippi, a suburb of Jackson, Mississippi. The Mission Capital team of Will Sledge, Kyle Kaminski and Tom Karras is marketing the property on behalf of the seller, a CMBS special servicer. The property will be auctioned on the RealINSIGHT Marketplace, with the bidding window opening on June 5 and closing on June 7.
The four-story property is occupied by a wide mix of medical office tenants, several of which serve the Merit Heath River Oaks Hospital. Constructed in 2003, the building is among the newer medical office properties in the market and is located directly across the street from the hospital.
“This asset is currently 99-percent occupied, however tenant roll in 2018 and 2019 presents investors with a unique, value-add opportunity in this supply-constrained market,” said Sledge. “This building’s prominence and strong location will make it extremely alluring to prospective tenants. We expect this offering to be attractive to both local buyers and national investors.”
The building sits on a 5.95-acre site, and features ample parking and inviting landscaping.
Added Kaminski: “Although a number of leases at the property are set to mature in the near future, there is a significant amount of demand for space in this market, so the property is unlikely to suffer vacancy issues for any protracted period of time. Medical office remains a relatively strong asset class nationwide, and opportunities to acquire a quality asset of this nature remain an infrequent occurrence.”
Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group is marketing the leasehold interest in the GE Building, a fully occupied, 120,194-square-foot industrial facility located in Bay St. Louis, Mississippi. The Mission Capital team of Will Sledge, Kyle Kaminski and Tom Karras are marketing the property on behalf of the seller, a CMBS special servicer, via the RealINSIGHT Marketplace. The bidding window for the property opens on June 5 and closes on June 7.
The property was initially constructed as a packaging and distribution hub for the General Electric Company’s plastics plant, which signed a 16-year triple-net lease for the entire facility in 2006. In 2007, General Electric sold its plastics division to Saudi Basic Industries Corporation (SABIC), at which point SABIC assumed the lease. In addition to the four-plus years currently remaining on the initial lease, the credit tenant also has two five-year extension options, with potential rent escalations.
The offering being marketed by Mission Capital is for the leasehold interest in the property, which expires in 2055. All rent for the term of the ground lease has already been paid in full.
“This net-leased asset offers buyers extremely stable cash flow, and we’re expecting to receive interest from a wide range of local and national net-lease investors,” said Sledge. “While SABIC’s lease is set to expire in four years, they are very likely to sign a renewal because of this facility’s very close proximity to their production plant. With a credit tenant in place, this offering will be very appealing to investors seeking stable assets in strong industrial markets.”
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.”
About Largo
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.
ARLINGTON, VA. — Mission Capital Advisors has arranged a $47 million bridge loan for the refinancing of Hyatt Place Arlington Courthouse Plaza, a 168-room hotel located at 2401 Wilson Blvd. in Arlington, roughly 5 miles southwest of Washington, D.C. The property is located adjacent to the Association of the United States Army (AUSA) Conference and Event Center. Jason Parker, Ari Hirt and Jamie Matheny of Mission Capital arranged the loan through EagleBank on behalf of the borrower, a partnership between The Schupp Cos. and LodgeWorks Partners. The eight-story hotel was constructed in 2016 and features a business center and indoor valet parking. In addition, the hotel is home to Verre Wine Bar on the ground level.
Brokerage Secures Excellent Rate and Terms for Well-Situated Hospitality Property
GREENSBORO, N.C. (March 20, 2018)
Mission Capital Advisors today announced that its Debt and Equity Finance Team has arranged a $21.35-million non-recourse loan to refinance the DoubleTree by Hilton Greensboro, a 175-key, full-service hotel located at 3030 West Gate City Boulevard in Greensboro, North Carolina. The Mission Capital team of Beau Williams, Steven Buchwald, and Justin Hunt represented Milestone Hospitality Management in arranging the loan, which refinances the property’s existing financing and includes funding for a brand-required property improvement program (PIP).
The DoubleTree by Hilton in Greensboro is one of the region’s premier full-service hotels, featuring 4,350 square feet of banquet space, a modern business center, fitness center, and a wide range of in-room amenities. The planned PIP will completely refresh and enhance all guestrooms, further raising the hotel’s profile in the local market.
The property benefits from its strong location near the Greensboro Coliseum Complex (GCC), a major demand driver that hosts 1,100 events annually, including NCAA and ACC basketball championships and live musical performances.
“Due to the hotel’s strong location in the Greensboro market and significant forward bookings, we were able to generate significant lender interest and receive attractive financing for the sponsor,” said Williams. “We were also able to achieve a closing of the transaction in less than 30 days, to meet the expedited timing requirements of our client.”
Iconic Richland, Washington Office Property Offers Investors Significant Value-Add Potential
RICHLAND, Wash. (Feb. 26, 2018) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Loan and Asset Sales Group is marketing the leasehold interest in Tri-Cities Professional Center, a 160,526-square-foot, two-building office property in Richland, Washington. Will Sledge and Kyle Kaminski of Mission Capital are marketing the property on behalf of the seller, a CMBS special servicer, while Derrick Stricker of NAI Tri Cities will serve as the showing broker. The property is being marketed on RealINSIGHT Marketplace. The bidding window for the property opens on March 6 and closes on March 8.
The Class-B property includes one five-story office building and one seven-story office building, which have an aggregate occupancy rate of 20 percent. The 9.74-acre property is subject to a ground lease with the city of Richland, which expires in 2042 and has two 15-year extension options.
“The Tri-Cities Professional Center is well-situated within the Richland CBD and poses a very intriguing opportunity for value-add investors,” said Sledge. “The city, which currently owns the leased-fee interest, will likely be open to selling its interest to the buyer, and the property is expected to sell at a significant discount to replacement cost. There’s a great deal of upside in this offering and it will be particularly attractive to local property owners who already have a working relationship with the city.”
The property is located within walking distance of the Uptown Shopping Center, which features a variety of dining and retail options.
Added Kaminski: “We also expect to receive interest from opportunistic investors seeking to convert the property into residential or hospitality use. Its prime location near several major roadways makes it easily accessible to the entire Tri-Cities metro, which has a population of approximately a quarter-million people. With a seller eager to divest of the property for a reasonable price, buyers have the unique ability to acquire an asset with significant potential at a very low basis.”
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, Florida, Texas, California and Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity 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 $65 billion of loan sale and financing 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.
Walker & Dunlop provided the non-recourse loan secured by the 320-key Sheraton Bay Point Resort
February 03, 2018
The owner of a 320-key Sheraton hotel in Panama City Beach got a $42 million loan secured by the renovated property.
An affiliate of Torchlight Investors, LLC, the owner of the Sheraton Bay Point Resort, got the non-recourse loan from Walker & Dunlop Commercial Property Funding.
In June 2016, the sponsor acquired the Sheraton Bay Point Resort, located along Saint Andrews Bay at 4114 Jan Cooley Drive in Panama City Beach.
After the acquisition, the hotel underwent a multi-million-dollar renovation program that upgraded guestrooms, banquet facilities, building exteriors and the hotel’s lobby as well as 120 on-site golf villas.
Amenities include an 18-hole golf course designed by Jack Nicklaus, three outdoor swimming pools, four restaurants, five clay courts for tennis, a 12,000-square-foot spa and a private beach with its own wait staff. The property manager is Crescent Hotels & Restaurants.
Director Beau Williams and Vice President Raymond Salameh Join National Capital Markets Advisory
Mission Capital Advisors today announced the hiring of Beau Williams as director and Raymond Salameh as vice president in the firm’s Debt and Equity Finance Group. Both professionals will be based in Mission’s New York City headquarters, and will be responsible for the origination, structuring and placement of commercial real estate capital on behalf of owners, investors, developers, family offices and private equity firms nationwide as well as assisting on select asset sales opportunities. Williams and Salameh will structure financing and asset sales for the firm’s clients across the hospitality, retail, office, multifamily and industrial sectors.
“Beau’s hospitality finance experience throughout his career was extremely attractive to us as we look to build on our strengths and continue expanding our team,” said Jordan Ray, principal of Mission Capital’s Debt & Equity Finance Group. “We look forward to leveraging Beau’s experience to remain a frontrunner in this space.”
Prior to this position, Williams was with Meridian Capital Group, where he focused on hotel debt and equity. In his time at Meridian, Williams executed over $200 million in hotel financings. Earlier in his career, Williams served as a director with both Wyndham Hotel Group and Northcott Hospitality. He graduated from New York University with a Bachelor of Arts in Communications.
“Mission Capital’s culture is extremely unique, and I knew from the very start that my input would be valued,” said Williams. “I consider Mission somewhat of an anti-brokerage, an organization where each individual is recognized as a valued member of a unified team. I’m eager to work alongside the best and brightest in the industry to secure capital for some of the most innovative hospitality projects out there.”
Salameh was formerly a senior associate at HKS Capital Partners, where he focused on originating and structuring real estate capital for corporate clients, real estate developers and investors. Over the course of his career, he closed approximately $160 million of capital across several asset classes. Salameh graduated from Binghamton University’s School of Management with a Bachelor of Science in Finance and Management.
“Mission Capital has a reputation as a collaborative, technology-driven debt and equity brokerage, and I was eager to join this growing platform and help contribute to their expansion,” added Salameh.
Under the leadership of Ray and Mission Capital Founder and Principal David Tobin, Mission Capital’s Debt and Equity Finance Group has expanded within the past few years from a two-person team into a national mortgage and equity powerhouse with 25 professionals, approximately $2 billion in annual volume, and activity in every major market.
“Both Beau and Raymond are exactly the type of professionals that we look for – extremely driven and the best at what they do,” said Tobin. “The market expertise they bring to the table will be a major asset for Mission as we continue our national expansion.”
Industry Veteran Brings Nearly 15 Years of Experience to his New Position
Mission Capital Advisors today announced the hiring of Daniel O’Donnell as managing director of sales and trading. Based in Mission Capital’s Dallas office, O’Donnell is responsible for sourcing, evaluating, structuring and executing the sale of performing and non-performing loans and commercial real estate assets, as well as sourcing debt and equity placement opportunities.
“Dan’s extensive background aligned perfectly with Mission Capital’s target growth areas and quite frankly, we would rather work alongside Dan then compete with him,” said David Tobin, principal of Mission Capital Advisors. “We’re confident that he has the right set of skills to elevate our loan and real estate sales practice, bringing immediate value to our client base.”
Prior to joining Mission Capital, O’Donnell was a managing director with Holiday, Fenoglio, Fowler L.P. (HFF) in the firm’s National Loan Sales Group. He was also formerly vice president of U.S. acquisitions for FirstCity Financial Corporation, where he was responsible for individual asset and portfolio due diligence, including credit quality evaluation, real estate valuation and business collateral valuation. He was also involved in the ongoing credit decisions related to the restructuring, servicing and settlement of acquired loans and properties. During his time at FirstCity, O’Donnell was involved in the acquisition and management of more than $2.1 billion of commercial loans.
“Mission Capital has exceptional diligence systems and portfolio valuation capabilities it utilizes for clients like the FDIC, the Federal Home Loan Bank system and for private sector banks, which will expand my set of tools available to customers,” said O’Donnell. “As Mission Capital continues to grow, I’m thrilled to join a firm that demonstrates professionalism that is second to none and welcome the opportunity to further expand the company’s activity in loan and real estate sales.”
O’Donnell also previously worked for Bank of America in its Private Wealth Real Estate Group where he was in charge of a portfolio of approximately 625 properties across the Southeast. He received his Bachelor of Business Administration from Baylor University with an emphasis on finance and real estate.
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
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.
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.
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.
ABC Properties received $20 million in equity finance to help pay for its purchase of 146 rent-regulated condominiums at 733 Amsterdam Ave., a luxury residential property in Manhattan. Mack Real Estate Credit Strategies also provided the buyers with a $55-million acquisition loan.
“Our client, Myles Horn of ABC Properties, was seeking to acquire this well-appointed property with significant upside, and we were able to run an exclusive JV equity process in a very short timeframe to bring in a partner that would enable him to move forward with the transaction,” stated Jeff Granowitz, managing director with Mission Capital Advisors, which represented ABC Properties in the equity transaction.
Constructed in 1971, the property — which is also identified as 175 W. 95th St. — is a 27-story, 229-unit multifamily building. In 2015, the seller, Starrett Corp., converted the building to condominiums and embarked on a significant capital improvements campaign. Since then, more than 80 of the condominiums have sold.
Mission Capital arranges financing for Manhattan condo buyout
September 7, 2017
Mission Capital Advisors has arranged $20m of equity financing for the acquisition of 146 rent-regulated condominiums at 733 Amsterdam Avenue, a luxury multifamily property on Manhattan’s Upper West Side. The equity, provided by Meadow Partners, joins a $55m acquisition loan provided by Mack Real Estate Credit Strategies to buyer ABC Properties.
Jason Parker and Jeff Granowitz, managing directors of Mission Capital’sDebt and Equity Financing Group,represented Myles Horn of ABC Properties in establishing the joint venture partnership, which purchased the building from seller Starrett Corp. “Operating partners in real estate typically leverage their expertise to get joint venture equity partners looking to place money behind seasoned operators,” said Parker.
Constructed in 1971, the property – which is also identified as 175 West 95 Street – is a seven-story, 229-unit multifamily building and was last renovated in 2015, when Starrett converted the building to condominiums. As part of that push, the seller embarked on a significant capital improvements program, which included refreshes to the entryway, terraces, and common areas.
As part of ABC’s capital improvement plan, the firm plans to acquire, renovate, and convert the remaining rental units to luxury condos. “ABC will go about the process of trying to get apartments vacant through buyouts, secondary offerings and normal turnover. Upon vacating apartments, ABC will improve each unit with luxury upgrades and sell at market prices,” said Granowitz.
Parker added that the acquisition was made at a substantial discount due to the uncertainty that comes with executing a conversion. According to published reports, Starrett had initially marketed the units for more than $105m. “You never know how long it will take to turn the units,” he said. “That’s where Myles’ expertise comes in, in running this day-to-day process.”
In a separate transaction in the first quarter of 2017, ABC Properties purchased a $25m non-performing loan secured by the co-op shares relating to 262 apartments at Skyview on the Hudson in Riverdale, N.Y. Mission Capital advised the loan’s seller in that deal. “Mission had a great experience with ABC on both transactions,” Parker added. “Myles and ABC have consistently been able to execute their value-add business plan and unlock the hidden potential of condominium properties.”
Mission Capital Arranges $20M Equity Stake for Upper West Side Condos Buy
August 29, 2017
Mission Capital has arranged $20 million in equity for 146 rent-regulated condominiums at 733 Amsterdam Avenue on the Upper West Side, Commercial Observer can first report.
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The equity injection was provided by Meadow Partners, according to a source familiar with the deal, and was provided in addition to $55 million in debt from Mack Real Estate Credit Strategies, for a total investment of $75 million.
Jason Parker and Jeff Granowitz, managing directors of Mission Capital’s debt and equity finance group, arranged the transaction on behalf of investor and developer Myles Horn of ABC Properties, who sourced the deal on the 229-unit Axton building condos. Horn then brought in Mission Capital to find a joint venture partner, a source with knowledge of the deal told CO.
“Our client, Myles Horn of ABC Properties, was seeking to acquire this well-appointed property with significant upside, and we were able to run an exclusive [joint venture] equity process in a very short timeframe to bring in a partner that would enable him to move forward with the transaction,” Granowitz said in prepared remarks.
A spokeswoman for Horn and ABC Properties declined to comment on the transaction, and Mission Capital declined to comment beyond the release on the details of the financing.
“Myles and ABC have consistently been able to execute their value-add business plan and unlock the hidden potential of condominium properties,” Parker said in prepared remarks. “This is a trophy-type property in one of New York’s most attractive neighborhoods, and Myles recognized the significant potential that this condo package presented.”
Meadow purchased the condos for a discounted $61.3 million from lister Starrett Corp. earlier this month, property records show, using the Mack Real Estate Credit Strategies’ $55 million loan to finance the acquisition. Meadow acquired the units at a near 40 percent discount as Starrett had initially asked for more than $105 million when the block hit the market last year, according to The Real Deal.
Listing broker Mark Zborovsky declined to comment on either transaction.
The 28-story rental building, which has an alternate address of 175 West 95th Street, was constructed in 1971. Starrett converted the property into a multi-family condominium in 2015, and went to work with renovations that include a revamped entryway, terraces and common areas, according to information from a news release detailing the transaction. The building also features a 24-hour concierge, a new fitness center, a children’s play space and a lounge.
ABC Properties has planned additional capital improvements to both common areas and apartment interiors.
Officials at Starrett Corp. did not immediately return a request for comment. A spokeswoman for Meadow Partners declined to comment on the deal.
National Advisory Firm Procured Equity Partner for ABC Properties for New Acquisition Following the Sale of $25 Million Skyview-on-the-Hudson Debt to ABC in 1Q 2017
Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged approximately $20 million of equity financing for the acquisition of 146 rent-regulated condominiums at 733 Amsterdam Avenue, a luxury residential property in Manhattan. Jason Parker and Jeff Granowitz represented ABC Properties in bringing in a majority equity partner to facilitate the transaction with seller Starrett Corp. Mack Real Estate Credit Strategies also provided the buyers with a $55-million acquisition loan.
Constructed in 1971, the property — which is also identified as 175 West 95th Street — is a 27-story, 229-unit multifamily building. In 2015, the seller converted the building to condominiums and embarked on a significant capital improvements campaign, including refreshes to the entryway, terraces and common areas. With these enhancements, the property has been transformed into a premier luxury residence, which also features a 24-7 doorman/concierge, a newly-built fitness center, a children’s play space and a lounge.
ABC’s plans for the property include additional capital improvements to both common areas and apartment interiors.
“Our client, Myles Horn of ABC Properties, was seeking to acquire this well-appointed property with significant upside, and we were able to run an exclusive JV equity process in a very short timeframe to bring in a partner that would enable him to move forward with the transaction,” stated Granowitz.
In a separate transaction acquired by ABC Properties in the first quarter of 2017, Mission Capital advised the seller of the $25 million non-performing loan secured by the co-op shares relating to 262 apartments at Skyview on the Hudson in Riverdale, NY.
“Mission had a great experience with ABC on both transactions,” added Parker. “Myles and ABC have consistently been able to execute their value-add business plan and unlock the hidden potential of condominium properties. This is a trophy-type property in one of New York’s most attractive neighborhoods, and Myles recognized the significant potential that this condo package presented.”
