Mission Capital has secured $45 million in finacing for the acquistion of a commercial property located at 1825 Park Ave in Harlem.
Mission Capital Secures $45M Loan for Savanna’s Acquisition of Manhattan Commercial Property
March 8, 2016 By Amy Works
Savanna has acquired the 135,000-square-foot retail and office property located at
1825 Park Ave. in Manhattan for $48 million.
NEW YORK CITY — Mission Capital has secured $45 million in financing for the acquisition of a commercial property located at 1825 Park Ave. in Manhattan’s Harlem. Savanna acquired the 135,000-square-foot property for $48 million. At the time of sale, the 12-story building was 55 percent occupied by a mix of retail and office tenants, including JP Morgan Chase and Popeye’s. Jonathan More, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing for the acquisition. The name of the seller was not released.
Mission Capital Advisors and its subsidiary Mission Global, a mortgage services due diligence business, announced the hiring of William Horning as a director with the residential mortgage group.
Media Contact: Amanda Ferraro Beckerman
aferraro@beckermanpr.com 201-‐649-‐1186
DRAFT FOR REVIEW
Mission Capital Advisors and Subsidiary Mission Global Hire William Horning As Director of Mortgage Operation
Mortgage Industry Professional Brings More Than 16 Years of Experience
in all Facets of Residential Whole Loan Finance
NEW YORK (Feb. 25, 2016) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, and its subsidiary Mission Global, a mortgage services due diligence business, today announced the hiring of William Horning as a director with the residential mortgage group.
With nearly two decades of experience in residential whole loan finance, Horning will assume a senior role in both Mission Capital Advisors’ residential whole loan trading operation and Mission Global’s due diligence and mortgage services operation.
“As we continue to expand our offerings, Bill is the perfect fit from both a loan trading and mortgage services standpoint,” said Ray Ralph, managing director of operations with Mission Capital Advisors. “We were immediately impressed with Bill’s breadth of experience and long history in whole loan finance and we’re confident he will offer our clients the high level of service that has become synonymous with the Mission name.”
With extensive experience in residential whole loan transaction management, Horning looks forward to making an immediate impact on Mission’s mortgage services and loan trading business. “Mission’s collaborative culture and stellar reputation are initially what attracted me to this position,” said Horning. “I am thrilled to join Mission Capital and Mission Global, and be a part of the team.”
Prior to joining Mission Capital Advisors, Horning served as a vice president with Morgan Stanley, handling contract finance duties and conduit implementation for the firm’s residential mortgage trading desk. Horning worked previously in similar capacities as an associate director with Five Mile Capital Partners and a director with UBS. In addition, Horning served as a vice president with American Mortgage Consultants, managing multiple due diligence processes for both seasoned loans and new origination/conduit residential loan platforms. He started his career at Lehman Brothers working in residential mortgage servicing and operations.
Horning holds a Bachelor of Arts in Business and Economics from Muhlenberg College.
About Mission Global, LLC
Mission Global, LLC has been formed to unite the capabilities of Mission Capital mortgage services business with the extensive due diligence services and experience of Global Financial Review, to create a single source solution for investors. Mission Global services will now include data integrity review, collateral document review and cure, curative title work, agency delivery and trade support, due diligence and securitization support, regulatory compliance, origination support, re-‐underwriting, and forensic reviews. For more information, visit www.missionglobal.com.
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 Mobile, Al. 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.
Mission Capital Advisors is in the process of selling a number of net-leased properties on behalf of UBS.
Mission Capital Offers Retail, Industrial Properties on UBS' Behalf
February 18, 2016
Mission Capital Advisors is in the process of selling a number of net-leased properties on behalf of UBS.
The assets are a 119,600-square-foot store that's net leased to BJs Wholesale Club in Greece, N.Y., and a portfolio of six net-leased industrial properties with 1.27 million sf in the Carolinas, Illinois, Indiana and Tennessee. The properties are among those that had been transferred to a bad bank created by the Swiss National Bank following the capital markets' collapse in 2008.
Mission Capital, which is best known for selling loans on the secondary market and arranging financing for its clients, has become a regular property broker and long had a relationship with UBS, helping it sell, among other things, residential mortgages. It's also become adept at selling properties, given the work it has done for CMBS special servicers, which often has involved selling foreclosed assets, or real estate-owned.
The BJs property, which is just northwest of Rochester, N.Y., is leased to the retailer through 2026, but that could be extended. It was constructed in 2006 specifically for the retailer.
Mission Capital is conducting a two-stage bidding process for the property. A first round of offers will take place in the coming days, with a second, final round taking place by roughly the middle of next month. The thinking is that the retail property could sell for $15 million or so.
Meanwhile, it's already received offers for the industrial portfolio, which UBS had acquired as part of a sale-leaseback transaction. Four of the buildings are occupied by Baldor Electric Co., a maker of industrial motors that was acquired by ABB Ltd. of Switzerland four years ago, and the remaining properties are occupied by Rockwell Automation and Master Power Transmission.
While leases at the properties have relatively short fuses – roughly four years or so – each of their tenants has invested their own capital customizing their respective facilities. As a result, it could be likely that each tenant renews their lease, each of which pays what are below-market rents. The tenants each use the properties to manufacture specialized components.
Mission Capital’s Ari Hirt discusses Brooklyn’s growing office market.
Breakfast briefing: Brooklyn’s office market
sees demand soar
February 15, 2016 By Elizabeth Blosfield
Now considered one of the largest office markets in the country, Brooklyn has carved out its own ecosystem apart from Manhattan as more people are drawn to the vibrancy of its live, work, play environment, according to panelists at Real Estate Finance & Investment’s latest breakfast briefing, held at the Lamb’s Club in New York. As more people flock to the borough, office product is in high demand, but Brooklyn’s market still presents some challenges for development, panelists agreed.
“Over the years, Manhattan has become sort of homogeneous, and people don’t see the same vibrancy there as they do in Brooklyn,” said Tyler Wilkins, partner at Quinlan Development Group. “As more people move to Brooklyn, there is more pent up demand for new office product, but the question is how many of these projects will actually come to fruition,” added Richard Warshauer, senior managing director at Colliers International.
This is because it can be more difficult for developers to secure financing for office developments in Brooklyn than in Manhattan. “When looking for financing, one earlier challenge for Brooklyn office owners is proving market rents in a submarket that is experiencing such explosive growth. There can be a substantial difference between last year’s and this year’s rents. That challenge has started to subside since there is now more viable data out there – and rents have also started to plateau,” Wilkins said.
Brooklyn’s rapid growth began with the private sector getting priced out of Manhattan, stated Paul Selver, co-chair of the land use department at Kramer Levin Naftalis & Frankel. “That generated growth in Brooklyn, and that growth became internalized and accelerated as more businesses moved out of Manhattan, establishing Brooklyn as a full-service community with its own unique blend of housing, jobs, shopping and entertainment,” he said.
This period of rapid growth can make conducting due diligence and valuation for properties difficult, added David Heiden, principal at W Financial, explaining that the firm recently ran into challenges with two industrial-to-flex office conversion deals located on the border of Bushwick and Ridgewood. “People are getting priced out of Manhattan and expanding to the boroughs at a rapid rate,” he stated. “The rapid growth has made it difficult to find comparables, so we had to go outside of the location to find other comps for the project and adjust them downward.” Another stumbling block that office developers are running into is that much of the available space for development is located in manufacturing zones, particularly near the popular waterfront. “You can’t build a 20-story office tower in a manufacturing zone, and it has really changed everyone’s thinking regarding waterfront development,” Warshauer said. “People are being very careful about the structures they are putting there. The lack of comps is also making development difficult, because not everyone wants to be a pioneer. Building a one-million-square foot office park in Red Hook is a chancy venture at this time.” Transportation, particularly near the waterfront, is also something to take into consideration for office development, especially given recent speculation that challenges with the L train could lead to a closure for a period of time going forward, added Warshauer. “Nothing is official yet, but people are definitely scared,” Wilkins said. “The future of the L train will have an immediate impact on places like Williamsburg.” Despite these challenges, Brooklyn’s market presents many attractive opportunities for office development due to robust job growth, economic incentives and lower office rents. “Office tenants can shave off twenty dollars per square foot in rent, so there are tons of reasons why it makes sense to be here,” Wilkins stated. With this in mind, Mission Capital is advocating that developers and investors think more about up and coming areas throughout Brooklyn and nearby areas in Queens, such as Bushwick and Ridgewood, as they become more popular among tenants due to lower rents, said Ari Hirt, managing director of the debt and equity finance group at Mission Capital. “We have been using the comps to get people to look at the lack of alternatives for renting office space in established places like Dumbo and Williamsburg, where rents are around $70 per square foot,” he said. “In Bushwick, tenants are renting in the $40s per square foot. Brooklyn is where everyone wants to be now. Tech workers are saying, ‘Why commute to Manhattan when I can work here where I live?’ People who live in Brooklyn want to stay in Brooklyn to work, so we need to create office space for those people.”
Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group has been named by UBS as the exclusive sales agent for a 119,600-square-foot, big-box retail property located at 300 Bellwood Drive in Greece, New York.
UBS Taps Mission Capital Advisors to Sell 119,600-SF Big Box Retail Property in
Rochester Suburb
National Advisory Firm Marketing Fully-Leased Property in Close Proximity to
Rochester’s Central Business District
ROCHESTER, N.Y. (Feb. 10, 2016) – Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group has been named by UBS as the exclusive sales agent for a 119,600-square-foot, big-box retail property located at
300 Bellwood Drive in Greece, New York. Michael Britvan and Adam Grant of Mission Capital Advisors will procure a buyer for the triple- net-leased property, which is situated in close proximity to Rochester’s central business district, and is 100 percent occupied with a long-term lease by BJ’s Wholesale Club. “Given the long-term stability and strategic location of the asset, we expect there will be a great deal of investor interest in this property,” said Britvan. “The property is ideal for a wide range of funds, REITs and other institutional investors that are attracted to its strength.” The property, known as BJs Wholesale Club Greece, encompasses more than 11 acres, and is located within the Canal Ponds Business Park, a 300-acre site on the western side of New York State Route 390. The Canal Ponds Business Park is home to more than 2 million square feet of industrial and office facilities, as well as 500,000 square feet of retail, hotel and restaurant facilities. In addition to BJs Wholesale Club, the property includes a BJs gas station and a small auxiliary building constructed in 2006. The site, which features ample parking, is easily accessible from exit 22 of Route 390, a well-travelled expressway just east of the asset. A national real estate capital markets solutions firm, Mission Capital is extremely active in arranging investment sales, loan sales and debt and equity financing on properties across the country.
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.
Mission Capital’s Michael Britvan anticipates broad-based interest from REITs and other institutional investors that are drawn to “the cash flow that these properties generate.”
UBS Taps Mission For NNN Industrial Portfolio
February 10, 2016 By Paul Bubny
NEW YORK CITY—Mission Capital’s Michael Britvan anticipates broad-based interest from REITs and other institutional investors that are drawn to “the cash flow that these properties generate.”
NEW YORK CITY—Mission Capital Advisors’ asset sales group has been named exclusive sales agent on behalf of UBS to market a 1.27-million-square-foot industrial portfolio. The six triple-net leased properties are located across the Southeast and Midwest. “With full occupancy and long-term, triple-net leases in place with prominent tenants at all six buildings, these properties will be very attractive to investors,” says Michael Britvan, New York City-based managing director at Mission Capital. “We expect to receive a great deal of interest from a wide range of funds, REITs and other institutional investors that are attracted to the cash flow that these properties generate.” Britvan and Adam Grant, a VP based in Mission Capital’s Newport Beach, CA office, will procure up to six buyers for the properties, which are located in the states of North Carolina, South Carolina, Indiana, Illinois and Tennessee. They range in size from 160,120 to 255,560 square feet; all are fully occupied. Four of the properties are occupied by Baldor Electronics; Rockwell Automation and Master Power Transmission each occupy one building. The buildings were built between the 1960s and the 1990s. Recent industry forecasts have boded well for the industrial sector’s continuing appeal to investors. In its latest US Marco Forecast, Cushman & Wakefield reported that warehouse/distribution space is poised to benefit from “a more confident, higher-spending consumer. In general, the positive outlook for the US labor market bodes well for this segment via spending, e-commerce and an expected increase in single-family construction. All these factors have been major drivers behind record-setting demand in the past couple of years.” Similarly, the 2016 edition of the annual “Expectations & Market Realities in Real Estate” report from Situs RERC, Deloitte and the National Association of Realtors projected a “bright” outlook for industrial this year, with conditions “closing in on a full recovery.” Net absorption is projected to reach 213.7 million square feet in 2015 and 168.3 million square feet in 2016, the report says “Given the strong and rising demand, industrial availability rates are projected to decline to 9.7% in 2015 and 9.5% in 2016,” according to the Situs/Deloitte/NAR report. It says that average rents across the US were expected to show a 6.2% annual increase when fourth-quarter 2015 data were tallied, and an additional 6/2% rise in the current year. The report cites expectations that investments in industrial properties will continue on an upward trajectory, driven by increasing demand for distribution and intermodal centers. “As cap rate compression brought industrial yields more in line with the other property types, a rising interest rate environment is likely to add downward pressure on spreads.”
Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group has been named by UBS as the exclusive sales agent for a portfolio of six industrial properties, comprising approximately 1.27 million square feet of rentable space.
Media Contact: Shlomo Morgulis Beckerman
smorgulis@beckermanpr.com 201-465-8007
FOR IMMEDIATE RELEASE
UBS Taps Mission Capital Advisors to Market 1.27 Million Square Feet of NNN Industrial Properties
National Advisory Firm Seeks Up To Six Buyers For Fully Leased Properties
NEW YORK (Feb. 9, 2016) – Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group has been named by UBS as the exclusive sales agent for a portfolio of six industrial properties, comprising approximately
1.27 million square feet of rentable space. Michael Britvan and Adam Grant of Mission Capital Advisors will procure up to six buyers for the fully occupied, triple-net-leased properties, which are located in the states of North Carolina, South Carolina, Indiana, Illinois and Tennessee. “With full occupancy and long-term, triple-net leases in place with prominent tenants at all six buildings, these properties will be very attractive to investors,” said Britvan. “We expect to receive a great deal of interest from a wide range of funds, REITs and other institutional investors that are attracted to the cash flow that these properties generate.” The six properties range from 160,120 to 255,560 square feet. Four of the properties are occupied by Baldor Electronics, while Rockwell Automation and Master Power Transmission each occupy one building. The buildings were built between the 1960s and the 1990s. A national real estate capital markets solutions firm, Mission Capital is extremely active in arranging investment sales, loan sales and debt and equity financing on properties across the country.
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.
Banks have been reluctant to part with well yielding performing loans despite strong premium pricing in recent years. The common themes warranting sales include overall CRE concentration issues (>300% of total risk based capital), portfolio risk management sales (tenant exposure, lease roll, etc.), divesting of non-strategic geographies and/or high risk asset classes (e.g. hospitality) or exiting non-strategic borrower relationships (e.g. offered loan is bank’s sole asset with a borrower). M&A activity, monetizing legacy assets on disparate servicing systems or taking profits on low basis reperforming loans have also emerged as top themes for banks seeking to sell performing debt. Despite weak supply, 2016 performing sales attracted a broad bidder market from community banks to large super-regionals (who were not always able to out price smaller rivals). Transactions settling in late Q4 suffered a relatively minor post-election setback, as well as negative price adjustments following the Fed’s rate hike announcement in December. Despite the adjustment, transactions continued to execute by year end with premium pricing. 2017 has seen increased sales resulting from mergers. Additionally, the volume of conduit “kick-out” loans has increased, as smaller CMBS shops struggle to compete under “risk retention” paradigm and others close their doors.
PERFORMING COMMERCIAL & MULTIFAMILY LOAN SALES
PORTFOLIO CHALLENGE
CRE Concentration Regulatory Guidance Regulator guidance to banks cautions that CRE concentration in bank portfolios should not exceed 300% of risk based capital, and the outstanding balance of bank CRE portfolio should not grow more than 50% during the prior 36 months
MISSION CAPITAL SOLUTION
Over-Exposure to Specific Borrower Strategic dispositions when lending limits to specific borrowers impede ability to originate new loans to the borrower Mission Capital advises clients nationwide on the sale of performing Exit Non-Strategic Borrower Relationships Offered loan is bank’s sole relationship with a borrower (i.e. no depository or other banking services) loan portfolios, delivering custom asset marketing solutions via our world-class talent, proprietary Prudent Risk Management Exiting geographies, change in credit appetite, exiting deals with tenant roll risk, divesting asset classes, etc. technology, transactional experience, and deep relationships. M&A Activity Legacy or Reperforming Portfolios Strategic disposition of assets outside desired footprint / outside lending parameters Monetize legacy assets on disparate systems or low basis reperforming TDRs
$23mm total UPB, recently originated, traded at 100.85%. High demand from secondary market. $11.6mm total UPB, traded at 100.11%. Bids ranged from 90% of par to 100.11%. High demand from secondary market, market accustomed to asset type. $194mm total UPB, traded at 91%. Government Seller. High demand from secondary market. $12.3mm total UPB, traded for 89%. Portfolio made up of non- seller originated loans previously acquired on the secondary market. High demand from secondary market.
KEY FACTORS
FOR UPSIDE PRICING
KEY FACTORS
FOR UPSIDE PRICING
At or above market coupon
KEY FACTORS
FOR UPSIDE PRICING
Strong cash flow and payment history
KEY FACTORS
FOR UPSIDE PRICING
LTV < 70%; DSCR > 1.3x; Maturity < 5 yrs
KEY FACTORS
FOR UPSIDE PRICING
Average asset size > $2.5mm
KEY FACTORS
FOR UPSIDE PRICING
Variable rate or limited remaining fixed rate term
KEY FACTORS
FOR UPSIDE PRICING
Reasonable floor on variable rate portion of term
KEY FACTORS
FOR UPSIDE PRICING
Prepayment protection
KEY FACTORS
FOR UPSIDE PRICING
Full recourse / Personal guarantees
KEY FACTORS
FOR UPSIDE PRICING
Credit tenant
KEY FACTORS
FOR UPSIDE PRICING
No lease hangout on single tenant loans
KEY FACTORS
FOR UPSIDE PRICING
“Full doc” / in compliance with financial reporting requirements
Mission Capital’s Tom Hall discusses the seller’s market of Performing Loan pools.
Seller's Market Emerges for Performing Loan
Pools
November 19, 2015 By Jackie Stewart
It is a seller's market when it comes to performing loan pools. A rising number of banks are looking to buy commercial loans for reasons ranging from a dearth of organic opportunities to a desire to diversify their asset mix. That surge in demand is creating an imbalance that benefits institutions that have increased their originations. Buyers, meanwhile, must be aware of risks associated with buying loans from other banks, such as inadequate information, industry observers said. Interest in performing loans is outpacing demand for distressed credits, said Kip Weissman, a lawyer at Luse Gorman. "Banks have been short on the loan side, and they're searching for yield because rates are so low," he said. Performing loans usually fall into two categories: assets that are truly pristine and those that are receiving payments but have issues that include previously late payments or concerns over the income being generated by the underlying collateral, industry observers said. Banks and other firms are keen on buying both types, though the cleanest credits command the best pricing. In some cases, pristine loans can fetch prices above par, depending on the yield. "There are an enormous number of buyers, really, for all loans," said Jon Winick, chief executive of Clark Street Capital, a bank advisory and asset disposition firm. "The difficult part is finding the sellers," Winick said, though there are instances where banks may want to generate fee income or boost liquidity by purging some of their better credits. Still, the ranks of lenders looking to sell loans has risen in the last 18 months, said Tom Hall, managing director of sales and trading at Mission Capital Advisors, a firm that specializes in loan sales. Sellers include regional banks looking to derisk their balance sheets or exit noncore relationships, he said. Selling loans can also help a bank reduce asset concentrations or get out of certain business lines. The Bancorp in Wilmington, Del., for instance, has been looking to sell its $1.1 billion commercial loan book. United Community Banks in Blairsville, Ga., recently agreed to sell its health care portfolio after realizing those clients needed larger loans that exceeded its appetite. Nonbanks, such as General Electric, have also been shedding assets, Hall noted. Buyers include small and midsize banks that want to improve their balance sheet mix, typically by reducing commercial real estate concentrations by bringing on more commercial-and-industrial loans, Hall said. Lakeside Bank in Chicago is interested in buying a pool of performing loans, though it hasn't found the right portfolio, said Matt Howe, the $1.3 billion-asset bank's vice president of special assets. Chicago is competitive, and buying assets would be a way to deploy capital, he said. "Banks are holding onto every earning asset because rates so low right now," Howe added. "This would be a way to step aside from our peers and find new loans and earning assets to put on our books." Still, banks looking to buy performing loans must be aware of some risks, especially for credits with past issues, industry observers noted. There is always a "suspicion of purchased loans, especially when the loans are out of the bank's market," Weissman said. Generally, the originating bank knows the borrower best, something that an acquiring institution will lack, Weissman said. There may also be gaps in the due diligence process, or missing information from the originating bank that could be hard to obtain, Winick said. To help mitigate risks, Lakeside would conduct the same due diligence for purchased assets that it uses for originations, including reviews of a borrower's cash flow and financial statements and property inspections, Howe said. Lakeside also steers clear of loans in industries like hospitality where it lacks expertise. The bank once walked away from a deal because of insufficient loan yields, Howe said. "Information is key," Howe said. "There's a little bit more risk in buying loans. You verify everything, but you're also trusting that the original bank did everything right."
Matthew Polci joined Mission Capital Advisors in the firm’s debt and equity finance group in early July 2015.
The New Players of Commercial Real Estate
and CRE Finance
November 4, 2015
Matthew Polci, 31
Director at Mission Capital Advisors
Matthew Polci joined Mission Capital Advisors in the national advisory firm’s debt and finance equity group in July 2015. Within the first half of the year, he closed nearly $485 million in debt deals nationwide with Ackman-Ziff Real Estate Group, which he joined in 2009. In his first deal with Mission Capital, Mr. Polci is representing a Harlem-based developer to secure financing for a development site in Upper Manhattan. The young debt broker also closed a $210 million loan for a luxury residential buy in Brooklyn and a $175 million loan to refinance an office building in Washington, D.C. Mr. Polci holds a bachelor’s degree in commerce from Queen’s University in Canada and an M.S. in real estate finance and investment from New York University’s Schack Institute of Real Estate.—R.B.
Mission Capital Advisors announced that its Commercial Loan Sales & Trading Group has been named the exclusive loan sale advisor for a portfolio of seasoned performing commercial loans secured by four multifamily properties in California.
Media Contact: Shlomo Morgulis Beckerman
smorgulis@beckermanpr.com 201-465-8007
FOR IMMEDIATE RELEASE
Bank Taps Mission Capital Advisors to Sell Performing Commercial Loan
Portfolio
National Capital Markets Advisory Firm Has Traded $2 Billion of Performing Loans Since 2010
NEW YORK (Sept. 17, 2015) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Commercial Loan Sales & Trading Group has been named the exclusive loan sale advisor for a portfolio of seasoned performing commercial loans secured by four multifamily properties in California.
Mission Capital Advisors has been extremely active in selling performing loans on behalf of banks, insurance companies and government-sponsored enterprises, having closed more than $2 billion of performing loans across dozens of transactions over the last several years. Mission Capital Managing Director of Sales and Trading Tom Hall is overseeing the assignment on behalf of the seller, a California bank. The properties are located in Southern California and have occupancy rates above 90 percent. “Mission Capital has successfully represented this bank on numerous prior transactions, and we’re enthusiastic to offer another portfolio of performing loans on their behalf,” said Hall. “Loans secured by multifamily properties are highly sought after in today’s market. Our client is aiming to take advantage of the strong bid, often at or above par, from banks and funds eager to acquire portfolios such as this one with attractive loan characteristics and strong underlying collateral.” Added Hall: “There has been a tremendous appetite for performing CRE loans in the secondary market this year. Sellers exiting portfolios for strategic or risk management reasons are benefiting from a demand for product, a lack of supply and a continued search for yield.”
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.
Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Commercial Loan Sales & Trading Group has been named the exclusive loan sale advisor for a portfolio of seasoned performing commercial loans secured by four multifamily properties in California.
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