Mission Capital’s Jordan Ray discusses Construction financing. Jordan is a principal on the Debt & Equity Finance desk at Mission Capital.
ABOUT JORDAN RAY
Jordan Ray is the Principal of The Debt & Equity Finance Group at Mission, which he founded in 2009. Jordan has been honored with such industry awards as the 2016 Real Estate Finance and Investment Magazine – Mortgage Broker of the Year Award, the 2013 and 2012 Observer Top 20 under 35 and the 2017 NYU Schack Institute Financing Deal of the Year. Jordan sits on the board and co founded EquityMultiple – an online marketplace real estate finance company – in 2015. Jordan is also actively involved in UK/European real estate financing.
Mission Capital’s, Jordan Ray, discusses the factors in play when choosing our next deal to work on at Mission Capital. Jordan is a principal on the Debt & Equity Finance desk at Mission Capital.
ABOUT JORDAN RAY
Jordan Ray is the Principal of The Debt & Equity Finance Group at Mission, which he founded in 2009. Jordan has been honored with such industry awards as the 2016 Real Estate Finance and Investment Magazine – Mortgage Broker of the Year Award, the 2013 and 2012 Observer Top 20 under 35 and the 2017 NYU Schack Institute Financing Deal of the Year. Jordan sits on the board and co founded EquityMultiple – an online marketplace real estate finance company – in 2015. Jordan is also actively involved in UK/European real estate financing.
Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville
August 24, 2018
GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.
Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville
August 24, 2018
GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.See more here:
Mission Capital’s, Jordan Ray, chats about the range of clients we work with at Mission Capital. Jordan is a principal on the Debt & Equity Finance desk at Mission Capital.
ABOUT JORDAN RAY
Jordan Ray is the Principal of The Debt & Equity Finance Group at Mission, which he founded in 2009. Jordan has been honored with such industry awards as the 2016 Real Estate Finance and Investment Magazine – Mortgage Broker of the Year Award, the 2013 and 2012 Observer Top 20 under 35 and the 2017 NYU Schack Institute Financing Deal of the Year. Jordan sits on the board and co founded EquityMultiple – an online marketplace real estate finance company – in 2015. Jordan is also actively involved in UK/European real estate financing.
Director of Investments Jonathan Lesser sits down with Jonathan Jaeger of LWHA Asset and Property Management Services to discuss the Hospitality asset class and what individual investors should keep in mind as they do diligence on potential investments.
EQUITYMULTIPLE is the only online investing platform backed by an established real estate company – Mission Capital, a leading national real estate capital markets firm. Mission Capital is a technology-forward real estate capital markets firm built on a culture of deep client service. Founded in 2002, our complementary asset sales and capital raising platforms, combined with our diligence and consulting services, allow our institutional and governmental client-base to achieve liquidity and optimize portfolio strategy throughout the credit cycle.
We’re committed to making commercial real estate more accessible for individual investors.
Our team brings diverse industry experience in real estate finance, private equity, law and technology. We were brought together by a shared vision of transforming real estate investing through technology – providing a new level of access to private transactions and streamlining the investment process. While we believe in the transformative power of technology, we recognize that our platform is only as good as the people and experience behind it. We’re committed to transparency, rigorous underwriting, and investor support.
EQUITYMULTIPLE is the only online investing platform backed by an established real estate company – Mission Capital, a leading national real estate capital markets firm. Mission Capital is a technology-forward real estate capital markets firm built on a culture of deep client service. Founded in 2002, our complementary asset sales and capital raising platforms, combined with our diligence and consulting services, allow our institutional and governmental client-base to achieve liquidity and optimize portfolio strategy throughout the credit cycle.
Jordan Ray, Principal of the Debt & Equity desk, is a major proponent of FinTech that modernizes the ‘old economy’ business of real estate. Always ahead of curve and owner of an impressive CRM, you don’t want to miss Jordan’s insight.
ABOUT JORDAN RAY
Jordan Ray is the Principal of The Debt & Equity Finance Group at Mission, which he founded in 2009. Jordan has been honored with such industry awards as the 2016 Real Estate Finance and Investment Magazine – Mortgage Broker of the Year Award, the 2013 and 2012 Observer Top 20 under 35 and the 2017 NYU Schack Institute Financing Deal of the Year. Jordan sits on the board and co founded EquityMultiple – an online marketplace real estate finance company – in 2015. Jordan is also actively involved in UK/European real estate financing.
Oxford Capital Group has scored a $53 million loan from Marathon Asset Management to refinance construction debt on The Godfrey Hotel and Cabanas in Tampa, Fla., Commercial Observer can exclusively report.
The non-recourse, floating-rate loan carries a spread in the low 400s over LIBOR, sources said, and retires roughly $30 million in previous construction financing from CapitalSource. Additional capital will be provided to the sponsor upon meeting certain performance measures.
Mission Capital Arranges $53M Refinancing of Waterfront Hotel in Tampa
August 21,2018
TAMPA, FLA. — Mission Capital Advisors has arranged a $53 million loan for the refinancing of The Godfrey Hotel and Cabanas Tampa, a 276-room hotel located at 7700 W. Courtney Campbell Causeway in Tampa. The waterfront property was once owned by the New York Yankees and served as the team’s spring training home for several decades. Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Marathon Asset Management on behalf of the borrower, an affiliate of Oxford Capital Group. Oxford acquired the hotel in 2015 and transformed the property with the addition of 15 guestrooms, complete renovations of guestrooms and the lobby and the addition of the WTR Pool & Grill. WTR includes a pool, cabana club, bar and corporate event space overlooking Tampa Bay.
Tampa Waterfront Hotel Secures $53M Floating-Rate Loan
August 24, 2018
TAMPA, FL–An iconic Tampa waterfront hotel that was once the spring training camp for Major League Baseball’s New York Yankees landed a $53-million non-recourse ramp loan that was structured by Mission Capital Advisors. It was secured by the Godfrey Hotel and Cabanas Tampa, a newly renovated, 276-key, waterfront hotel located at 7700 West Courtney Campbell Causeway.
The Mission Capital team of Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt represented an affiliate of Oxford Capital Group in securing the loan from Marathon Asset Management. The financing will be used to repay the property’s construction loan and return additional capital to the sponsor.
In 2015, Oxford acquired the hotel with plans for a comprehensive redevelopment that would include top-of-the-line amenities and the recently opened WTR Pool & Grill. The result was an upscale pool, cabana club, bar and corporate event space in a poolside area overlooking Tampa Bay.
“Oxford bought this property with the vision to create a unique hotel that has the best poolside venue in the Tampa market,” said Ray. “Just a month after the WTR Pool & Grill opened, there is a lot of action at the hotel and the pool, and we were able to repay the construction financing and replace it with a ramp loan with earn-outs at very attractive terms.”
Repositioning Program Created Added Value
In addition to the pool and cabanas, Oxford’s comprehensive repositioning campaign included the addition of 15 guest rooms; complete renovations of existing guestrooms, with hardwood flooring and other top-of-the-line amenities.
“Ramp loans are based in large part on projecting the property’s path to stability, and that adds a wrinkle of complexity that not all lenders can underwrite,” said Hirt. “However, Oxford’s long standing track record, as well as the incredible product they’ve created at the property, gave capital providers extreme confidence in the sponsor’s business plan.”
Added Hirt: “The loan we ultimately closed is structured with an immediate return on equity as well as an additional earn-out once certain benchmarks are reached, which will bring the total proceeds to the full $53 million.”
Oxford Capital Group, LLC is a national hospitality focused real estate investment, development and management firm. Oxford Hotels and Resorts, LLC is its wholly owned hotel operating and branding affiliate. Oxford, its affiliates, and principals have been involved in approximately $3 billion of real estate and private equity investments, including approximately 13,000 hotel rooms and over 2,000 senior housing units.
Owner of renovated waterfront hotel in Tampa borrows to repay construction loan
Oxford Capital Group the Godfrey Hotel & Cabanas Tampa also borrowed $53M to “return additional capital to the sponsor”
August 26, 2018
The owner of a renovated bayfront hotel in Tampa, the Godfrey Hotel & Cabanas Tampa, repaid a construction loan with a $53 million “ramp” loan.
Besides paying off the construction loan, proceeds of the ramp loan from also will be used “return additional capital to the sponsor,” Mission Capital Advisors said in a press release.
“Ramp loans are based in large part on projecting the property’s path to stability … a wrinkle of complexity that not all lenders can underwrite,” Ari Hirt of Mission Capital said in a prepared statement.
Hirt arranged the loan from Marathon together with Mission Capital’s Jordan Ray, Alex Draganiuk and Justin Hunt.
Several lenders competed for the deal, according to Hirt, before the property owner, Oxford Capital Group, LLC, closed the adjustable-rate $53 million ramp loan from Marathon Asset Management.
The Godfrey Hotel & Cabanas Tampa is a 276-key hotel a 7700 West Courtney Campbell Causeway in Tampa.
The property features the WTR Pool & Grill, a poolside dining and entertainment destination overlooking Tampa Bay.
Oxford acquired the hotel in 2015 and then repositioned it by adding the swimming pool, cabanas, and 15 guest rooms. The company also renovated existing guest rooms, with hardwood flooring and marble counter tops, and redid the lobby with the addition of a café and wine bar.
The waterfront property previously was the longtime spring-training home of Major League Baseball’s New York Yankees. – Mike Seemuth
Managing Directors of The Debt & Equity Finance Group, Melanie Herald & Jonathan More, share valuable insight on the red hot Miami Office Market in our Miami Market Update video series. This is Chapter 2 of our Miami Market Update series.
JONATHAN MORE – MANAGING DIRECTOR – THE DEBT & EQUITY FINANCE GROUP
Jonathan More is a Managing Director in the Debt & Equity Finance Group at Mission Capital, where he is responsible for originating, underwriting and structuring commercial real estate transactions nationwide on behalf of owner-operators, private equity firms, developers and family offices. Jonathan’s diverse skill sets, deep market knowledge and industry relationships have proved critical in working through transactions and originating business over his 15-year real estate career.
Prior to joining Mission Capital, Jonathan worked on the execution and originations teams for Ackman-Ziff, specializing in financing office, retail and residential properties, as well as loan sale advisory work. At Ackman-Ziff, Jonathan structured and completed $2.0 billion of closed debt, mezzanine, preferred equity, joint venture equity and loan sale transactions. Prior to Ackman-Ziff, Jonathan worked in leasing and investment sales for the Manhattan office of CBRE Group. Jonathan received a B.A. in Economics from the University of Michigan, and an M.B.A from Columbia Business School, where he placed first overall in the Bodini Competition for Real Estate Investment & Entrepreneurship. He is licensed as a real estate broker in the state of New York.
MELANIE HERALD – MANAGING DIRECTOR – THE DEBT & EQUITY FINANCE GROUP
Melanie Herald serves as a Managing Director of the Debt & Equity Finance Group at Mission Capital where she is responsible for the origination, structuring, and placement of commercial real estate transactions on behalf of operators, developers and global institutional and family office investors. In addition to the finance business, Melanie focuses on sourcing and executing loan sale opportunities and will oversee growth in the Miami office for Mission Capital.
Prior to joining Mission Capital, Melanie was a Principal with Sienna Capital Partners where she executed over $200mm in equity fund recaps and new acquisition transactions for clients. Prior to Sienna, Melanie served as Head of Capital Markets and Investors Relations for Urban American, a multifamily operator in New York City for whom she currently consults. From 2002 – 2011, Melanie executed over $50bn of commercial and residential mortgage transactions as a senior salesperson at Goldman Sachs Melanie holds a BA from Bowdoin College, where she received a Thomas J. Watson Fellowship and earned an MBA from the Johnson School at Cornell University and served as a Student Agencies Fellow. She serves on the corporate board of PopTracker LLC, a technology and media company and FORCE, a non-profit. Melanie is a fluent Spanish speaker and holds Series 63 and 7 licenses.
About Mission Capital:
Mission Capital is a technology-forward real estate capital markets firm built on a culture of deep client service. Founded in 2002, our complementary asset sales and capital raising platforms, combined with our diligence and consulting services, allow our institutional and governmental client-base to achieve liquidity and optimize portfolio strategy throughout the credit cycle.
Learn more about the multitude of offerings at Mission Capital here: https://www.missioncap.com
Jonathan More (MANAGING DIRECTOR – The Debt & Equity Finance Group) and Melanie Herald (MANAGING DIRECTOR – The Debt & Equity Finance Group) sit down and chat about the thriving Miami Market. We start with the growing Transportation Connectivity servicing the Miami metropolis.
JONATHAN MORE – MANAGING DIRECTOR – THE DEBT & EQUITY FINANCE GROUP
Jonathan More is a Managing Director in the Debt & Equity Finance Group at Mission Capital, where he is responsible for originating, underwriting and structuring commercial real estate transactions nationwide on behalf of owner-operators, private equity firms, developers and family offices. Jonathan’s diverse skill sets, deep market knowledge and industry relationships have proved critical in working through transactions and originating business over his 15-year real estate career.
Prior to joining Mission Capital, Jonathan worked on the execution and originations teams for Ackman-Ziff, specializing in financing office, retail and residential properties, as well as loan sale advisory work. At Ackman-Ziff, Jonathan structured and completed $2.0 billion of closed debt, mezzanine, preferred equity, joint venture equity and loan sale transactions. Prior to Ackman-Ziff, Jonathan worked in leasing and investment sales for the Manhattan office of CBRE Group. Jonathan received a B.A. in Economics from the University of Michigan, and an M.B.A from Columbia Business School, where he placed first overall in the Bodini Competition for Real Estate Investment & Entrepreneurship. He is licensed as a real estate broker in the state of New York.
MELANIE HERALD – MANAGING DIRECTOR – THE DEBT & EQUITY FINANCE GROUP
Melanie Herald serves as a Managing Director of the Debt & Equity Finance Group at Mission Capital where she is responsible for the origination, structuring, and placement of commercial real estate transactions on behalf of operators, developers and global institutional and family office investors. In addition to the finance business, Melanie focuses on sourcing and executing loan sale opportunities and will oversee growth in the Miami office for Mission Capital.
Prior to joining Mission Capital, Melanie was a Principal with Sienna Capital Partners where she executed over $200mm in equity fund recaps and new acquisition transactions for clients. Prior to Sienna, Melanie served as Head of Capital Markets and Investors Relations for Urban American, a multifamily operator in New York City for whom she currently consults. From 2002 – 2011, Melanie executed over $50bn of commercial and residential mortgage transactions as a senior salesperson at Goldman Sachs Melanie holds a BA from Bowdoin College, where she received a Thomas J. Watson Fellowship and earned an MBA from the Johnson School at Cornell University and served as a Student Agencies Fellow. She serves on the corporate board of PopTracker LLC, a technology and media company and FORCE, a non-profit. Melanie is a fluent Spanish speaker and holds Series 63 and 7 licenses.
About Mission Capital:
Mission Capital is a technology-forward real estate capital markets firm built on a culture of deep client service. Founded in 2002, our complementary asset sales and capital raising platforms, combined with our diligence and consulting services, allow our institutional and governmental client-base to achieve liquidity and optimize portfolio strategy throughout the credit cycle.
Learn more about the multitude of offerings at Mission Capital here: https://www.missioncap.com
Mission Capital’s Principal, Jordan Ray, discusses an array of topics about Mission Capital. From the company origins, business philosophies, to what the future of the company has in store, this is a fascinating insider’s view about the company. Watch the first two chapters below.
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Jordan Ray (Principal) On Mission Capital [VIDEO]