Leading developer acquires 1.26-acre property with plans to develop
67-unit luxury condominium property

HOUSTON (Jan. 3, 2019) — Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged a $7.3-million non-recourse land loan for the acquisition of 5656 San Felipe Street, a 1.26-acre development site in Houston. The borrower, Houston-based Pelican Builders, is working to finalize plans for an as-of-right, 17-story condominium project, which will include 67 luxury residences and 191 parking spaces. The Mission Capital team of Jason Parker, Steven Buchwald and Alex Draganiuk arranged the financing from a national real estate finance company.

Located at the nexus of the highly desirable Galleria/Uptown and Tanglewood neighborhoods, the 322,708-square-foot property will provide the area with much-needed luxury residential product. Current plans for the development call for 67 well-appointed residences with on-site amenities that include a pool deck, resident lounge, state-of-the-art fitness center and a dog park. The project is expected to break ground in October 2019.

“Pelican is one of most seasoned condo developers in the region, and we received a lot of interest from capital providers interested in providing them with the land loan that will pave the way for the condo development,” said Parker. “With the property’s strong location and the unmet demand for luxury condos in this prime area of Houston, we were able to structure favorable financing with a national real estate finance company.”

With its central location near leading commercial and residential neighborhoods, the development will offer residents easy access to a wide range of shopping and cultural / entertainment options, including Whole Foods, iPic Theater and the Houston Country Club. It is within 1.5 miles of The Galleria, the fourth largest retail complex in the country, with high-end tenants including Saks Fifth Avenue, Nordstrom and Neiman Marcus.

Houston-based Pelican Builders has been active in residential development for more than 40 years. Led by Robert F. Bland, Robert F. Bland, Jr. and Derek Darnell, the company’s portfolio includes more than 2,000 residences, spread across high-rise and mid-rise buildings, townhomes and apartment projects.

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.

Well-situated within Amarillo, Texas, existing hotel will be converted into the first dual-branded Marriott and Starwood property

AMARILLO, Texas (Jan., 2019) — Mission Capital Advisors today announced that its Debt and Equity Finance group has arranged a non-recourse, floating-rate loan for the acquisition and renovation of a 229-key hospitality property at 1911 East I-40 in Amarillo, Texas. The existing property, which currently operates as an unflagged hotel, will receive extensive upgrades and be re-created as a dual-branded hospitality property comprising a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.

The property renovations will convert the existing hotel into the market’s leading lodging facility, replete with amenities including an outdoor pool, patio deck with grills and a fire pit, and a 24-hour fitness center. Property improvements will include removing the existing atrium, giving a complete facelift to the property’s exterior and large-scale improvements to each guest room.

The Mission Capital team of Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented Ram Hotels in securing the three-year loan from Stonehill Strategic Capital. In Stonehill, Mission Capital identified a hospitality lender specializing in value-add deals, which was also attracted to the sponsor’s local market expertise. With the lender drawn to the deal’s strong debt yield, Mission Capital was able to structure very strong terms, including 80-percent leverage.

The largest city in the Texas Panhandle, Amarillo is a major transportation hub with the lowest unemployment rate in Texas and a strong economy that is projected to grow in the years ahead. The city also features a significant amount of tourism, with visitors from Texas and beyond flocking to Amarillo for the Tri-State Fair & Rodeo and other cultural events.

The Project will be the first dual-brand conversion between Marriott- and Starwood-branded hotels. With the property’s strong location off of I-40, both hotels are poised to benefit from their proximity to Amarillo’s downtown business district and Amarillo International Airport.

Founded 34 years ago, Ram Hotels is an experienced hotel developer and operator. Since its inception, Ram Hotels has built eight hotels totaling 700 keys throughout Texas, including more than 500 keys in the Amarillo market. Ram currently owns and manages nine hotels totaling 1,500 hotel rooms.

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.