Silicon Nation Mission Capital Ari Hirt Tech Firms — From, ‘Silicon Nation: Tech Firms, Chasing Millennial Workers, Look Beyond the West Coast’ published November 6th, 2018 in the Commercial Observer

Ari Hirt, Managing Director of The Debt & Equity Finance Group, shares his insight on the national expansion of tech firms, and the impact those moves have on a neighborhood in today’s Commercial Observer.
[Click here to continue reading the full article now]

[Published November 6, 2018 in the Commercial Observer]
When tech firms come to the neighborhood, they can have transformative effects far beyond the office space they lease. That, at least, is the perspective of Ari Hirt, a managing director who works on both debt and equity deals at Mission Capital.

“What Google did to Chelsea [in Manhattan] made that neighborhood much hotter than it was. The same phenomenon has occurred in the West Loop of Chicago,” Hirt said. Given that companies like Google and Pinterest have hung out their shingles there, “now, everyone wants to be in the West Loop,” he said.

Peter Thiel, the Silicon Valley mainstay who founded PayPal, Clarium Capital and big-data contractor Palantir Technologies, has never shied away from iconoclastic gestures.

In 2016, Thiel bucked his fellow new-economy titans and offered an unqualified endorsement to Donald Trump; he promoted efforts to forge floating societies in international waters; he’s even advocated space colonization.

But one of the entrepreneur’s boldest heresies came earlier this year, when he launched a broadside at Silicon Valley itself. In February, Thiel announced that he would uproot his technology ventures from their Silicon Valley haunts for Los Angeles, arguing that the birthplace of the software industry had become too insular. …

[Click here to continue reading the full article now]

MissionCapital View more articles

With occupancy of 43 percent, office-industrial complex offers investors an income-producing asset with room to add significant value.

ELGIN, Ill. (November 5, 2018)

Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Asset Sales Group is marketing the Leslie Oaks Business Center, a 255,304-square-foot office and industrial complex located at 580-735 Tollgate Road in Elgin, Illinois. The Mission Capital team of Will Sledge, Kyle Kaminski, and Rob Beyer is marketing the property on behalf of the seller, a CMBS special servicer. The property will be auctioned on the RealINSIGHT Marketplace platform, with the bidding window opening on November 12 and closing on November 14.

The eight buildings that make up the property were constructed between 1988 and 1999 on two neighboring, but non-contiguous, parcels within the Tollgate Industrial Park. Close to 90 percent of the property’s square footage is office space, with the remaining space optimized for warehouse use. The complex has a diverse array of 14 national, regional, and local tenants, including Staples, National Louis University, Zimmer Biomet, and Clinical Computer (OBIX). The property is just over 43-percent occupied, providing buyers with room to add significant value for a fairly modest investment.

“We expect to receive a lot of interest from opportunistic, value-add buyers who recognize the favorable market dynamics,” said Kaminski. “With a strong foundation of in-place tenants, many who have been at the property long term, the complex will deliver immediate cash flow to the buyer. The property has an ideal location at the interchange of Route 31 and Interstate 90, and this excellent access should help a buyer tenant the property and in turn achieve outsized returns on their investment.”

The complex features ample parking, tenant-controlled HVAC, and close proximity to local restaurants and hotels. The warehouse space features 12.5’ clear heights, 13 drive-in doors, and six dock-high loading entrances.
“Several major tenants recently signed lease renewals, underscoring the property’s significant attraction to office and industrial tenants,” said Kaminski. “With the combination of numerous long-term tenants and the opportunity to create additional value, this property will be a ‘can’t-miss’ investment for value-add buyers who know the local market and want to acquire an asset at an attractive basis.”

Located in a well-performing submarket in northwestern Chicagoland, the offering is situated near Interstate 90, Route 31, Interstate 290, and Interstate 355. The property is located in the Chicago Metropolitan Area, spanning across Illinois, northwest Indiana, and southeast Wisconsin, which is home to over 9.6 million people.

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.

About RealINSIGHT Marketplace

RealINSIGHT Marketplace is one of the nation’s leading online due diligence and auction bid platforms. RealINSIGHT provides local, regional, national, and international investors the opportunity to review and bid for loan and REO assets on an individual basis. For more information, visit marketplace.realinsight.com.

Mission Capital Markets Elgin Complex for Special Servicer

November 9, 2018

Mission Capital Advisors’ asset sales group is marketing the Leslie Oaks Business Center, a 255,304-square-foot office and industrial complex in Elgin, IL. The Mission Capital team of Will Sledge, Kyle Kaminski and Rob Beyer is marketing the property on behalf of a CMBS special servicer.

The eight buildings comprising the property were constructed between 1988 and 1999. Nearly 90% of the complex’s square footage is office space. The property is just over 43% occupied, providing buyers with room to add significant value.

“We expect to receive a lot of interest from opportunistic, value-add buyers who recognize the favorable market dynamics,” said Kaminski. “With a strong foundation of in-place tenants, many who have been at the property long term, the complex will deliver immediate cash flow to the buyer.”

The property will be auctioned on the RealINSIGHT Marketplace platform, with the bidding window opening on Nov. 12 and closing on Nov.14.

See more here:

PDF File Download

255,000-SF Office and Industrial Complex in Suburban Chicago Hits the Market

November 9, 2018

Mission Capital Advisors is marketing the Leslie Oaks Business Center, a 255,304-square-foot office and industrial complex located at 580-735 Tollgate Road in Elgin, Illinois. The eight buildings that make up the property were constructed between 1988 and 1999 on two neighboring, but non-contiguous, parcels within the Tollgate Industrial Park.

The Mission Capital team of Will Sledge, Kyle Kaminski and Rob Beyer is marketing the property on behalf of the seller, a CMBS special servicer. The property will be auctioned on the RealINSIGHT Marketplace platform, with the bidding window opening on November 12 and closing on November 14.

Close to 90 percent of the property’s square footage is office space, with the remaining space optimized for warehouse use. The complex has a diverse array of 14 national, regional and local tenants, including Staples, National Louis University, Zimmer Biomet and Clinical Computer (OBIX). The property is just over 43-percent occupied, providing buyers with room to add significant value for a fairly modest investment.

“We expect to receive a lot of interest from opportunistic, value-add buyers who recognize the favorable market dynamics,” said Kaminski. “With a strong foundation of in-place tenants, many who have been at the property long term, the complex will deliver immediate cash flow to the buyer. The property has an ideal location at the interchange of Route 31 and Interstate 90, and this excellent access should help a buyer tenant the property and in turn achieve outsized returns on their investment.”

The complex features ample parking, tenant-controlled HVAC and close proximity to local restaurants and hotels. The warehouse space features 12.5-foot clear heights, 13 drive-in doors and six dock-high loading entrances.

“Several major tenants recently signed lease renewals, underscoring the property’s significant attraction to office and industrial tenants,” said Kaminski. “With the combination of numerous long-term tenants and the opportunity to create additional value, this property will be a ‘can’t-miss’ investment for value-add buyers who know the local market and want to acquire an asset at an attractive basis.”

PDF File Download

MissionCapital View more articles

NEIGHBORHOOD CHECK-IN – FENWAY PARK: Incredible iconic sports venue in a historic city. Begs the question whether Yankee Stadium should have been renovated instead of rebuilding next door. The ambiance of Fenway, inside and out, is the quintessential “experiential retail”. Contributing to the package: Berklee School of Music, the Boston Symphony Orchestra, the Boston Conservatory and Boston University. Only one deficiency. It’s the home of the Yankees archenemy. Go Sox.

MissionCapital View more articles

Mission Capital’s Jordan Ray discusses life-cycle of a transaction. 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.

CONTACT JORDAN RAY:

Team

LEARN ABOUT THE DEBT & EQUITY FINANCE DESK HERE:

Debt Equity

VISIT MISSION CAPITAL’S WEBSITE:

Home

Asset Sales

commercial lenders

commercial real estate

MissionCapital View more articles

While Mission Capital / Mission Global was attending the MBA conference in Washington, D.C., we were able to tour the historic C&O Canal in Georgetown which abuts the beautiful Rosewood Hotel Georgetown. It is in the process of being intricately restored. It was saved from becoming a two lane highway in 1961 after a long campaign by preservationists….like NYs High Line or Dallas’ Katy Trail 50 years later.

MissionCapital View more articles

Named for an old Native American meeting area (Or was it? The origin is up for debate.), this industrial neighborhood has been transformed into another cutting edge live-work area. Best of all, only a short wait for brunch at the Frothy Monkey. Thx to www.2mainst.com for the tour.

nashville walls project

the nations

MissionCapital View more articles

Capital advisor secures non-recourse loan for local developer’s residential, commercial and parking project

AUSTIN, Texas – Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged $29.4 million in non-recourse financing for the construction of 1600 S 1st Street, an 86,700-square-foot, mixed-use condo and commercial development in the Bouldin neighborhood of Austin, Texas. The Mission Capital team of Jason Parker, Steven Buchwald and Jamie Matheny represented developer PSW Real Estate, LLC in arranging the senior loan from a local debt fund.

Situated in the heart of South Austin, the four-story property will feature 59 innovative residential condominiums, approximately 22,800 square feet of ground-floor commercial space and a 321-space underground parking garage. The 59 residences include six studio units, 26 one-bedroom units, 24 two-bedroom units and three three-bedroom units. The property will also feature a wide range of amenities, including a private resident roof deck and a second-floor resident courtyard.

“Austin’s recent growth has been well-documented, and the area around this property has seen its population increase by a staggering 27 percent since 2010,” said Parker. “While It is somewhat challenging to get construction financing for ground-up condos at this stage of the cycle, we were able to achieve our client’s goals by stressing the unmatched demand in this location and the strength of the sponsor’s business plan. We ultimately closed favorable financing with a local debt fund, which provided a non-recourse loan.”

The property’s location in the heart of South Austin positions it just one mile south of the Austin central business district, providing easy access to a myriad of restaurants, retail, and entertainment options. With the neighborhood’s recent population and job growth, this section of Austin suffers from a scarcity of residential, commercial and parking space, and this new development should help meet the local community’s demand for space.

“PSW is known in this region as a savvy developer that is plugged into the market dynamics in every submarket, and they realized they could capitalize on the area’s growth and provide much-needed product to local residents and businesses,” said Buchwald. “With their track record of success and knowledge of the local market, we were able to generate numerous bids, ultimately closing this strong deal with a local debt fund.”

Austin-based PSW is a nationally acclaimed real estate developer and homebuilder that designs and builds urban living environments for people who care about quality and their impact on the world around them. PSW is active in Austin, San Antonio, Dallas, Seattle, and Denver. Utilizing a discerning eye for creating value, PSW thoughtfully produces homes and communities that naturally integrate into their surrounding neighborhoods. With a vision for how the world will be living and working in the future, PSW creates homes that offer proximity to work, school and other important resources while implementing energy efficient construction methods and materials. These key elements promote urban density and conservation, reduce waste, and engender social connectivity.

About Mission Capital Advisors

Asset Sales

Closed Deal

commercial real estate

MissionCapital View more articles

Developer retires construction loan, inks creative interim financing at attractive rate

TAMPA, Fla. – Mission Capital Advisors announced that its Debt and Equity Finance team has structured a creative $53-million non-recourse ramp loan for The Godfrey Hotel and Cabanas Tampa, a newly renovated, 276-key, waterfront hotel located at 7700 West Courtney Campbell Causeway in Tampa, Florida.

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.

The waterfront property is a Tampa icon that was once owned by the New York Yankees, and served as the club’s Spring Training home for several decades. In 2015, Oxford acquired the hotel with plans for a comprehensive redevelopment that would include creating Tampa’s premier lifestyle hospitality property, replete with top-of-the-line amenities and the recently opened WTR Pool & Grill. An upscale pool, cabana club, bar and corporate event space, WTR provides guests with an unmatched experience of luxury in a modern tropical setting, featuring handcrafted cocktails, exquisite dining and entertainment 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.”

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, marble countertops and other top-of-the-line amenities; and a complete renovation of the lobby, including the addition of a café and wine bar.

“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. We produced a healthy market with several lenders vying for the deal, and we ultimately closed this floating-rate loan with very strong proceeds.”

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. Among the firm’s most impressive recent developments is Essex on the Park in Chicago, which includes the expansion and comprehensive redevelopment of the historic Essex Inn on Michigan Avenue in Chicago and the ground-up construction of an adjacent 479-unit luxury apartment building. The property, whose $170-million construction loan was also arranged by Mission Capital, is slated to open in spring of 2019. For information, visit www.oxford-capital.com or www.ohrllc.com.

About Mission Capital Advisors

MissionCapital View more articles

Mission Capital’s Jordan Ray discusses our joint venture with UK-based firm, Brotherton. Jordan is a principal on the Debt & Equity Finance desk at Mission Capital.

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.

ABOUT BROTHERTON:
Mission Brotherton is an alliance between Mission Capital and Brotherton Real Estate. Combining Mission’s institutional reach with Brotherton’s deep knowledge of the UK and European markets, allows us to provide real estate capital solutions to our clients, globally.

Mission Brotherton

ABOUT JORDAN RAY:

Team

LEARN ABOUT THE DEBT & EQUITY FINANCE DESK HERE:

Debt Equity

VISIT MISSION CAPITAL’S WEBSITE:

Home

MissionCapital View more articles

Mission Capital’s Jordan Ray discusses recruiting. Jordan is a principal on the Debt & Equity Finance desk at Mission Capital.

LEARN MORE ABOUT JORDAN RAY:
www.missioncap.com/team/?member=jray

LEARN ABOUT THE DEBT & EQUITY FINANCE DESK HERE:
www.missioncap.com/debt-equity/

VISIT MISSION CAPITAL’S WEBSITE:
www.missioncap.com

artificial intelligence

capitalization

commercial lenders

commercial real estate

MissionCapital View more articles

10-Year, Interest-Only Financing Locks in Low Interest Rate for Hotel’s Owner, Golden Seahorse

NEW YORK (Sept. 20, 2018) — Mission Capital Advisors announced that its Debt and Equity Finance Group has arranged $137 million in senior, non-recourse, permanent financing for the Holiday Inn Manhattan-Financial District, a 50-story, 492-key hotel at 99 Washington Street in Lower Manhattan.

The Mission Capital team of Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented the owner, real estate development firm Golden Seahorse, in arranging the 10-year, fixed-rate loan from Ladder Capital. Proceeds from the loan were used to refinance an existing first mortgage and return capital to the borrower.

Built in 2014, the Holiday Inn Manhattan-Financial District is the tallest Holiday Inn in the world. Since opening, the property has successfully achieved significant market penetration, currently boasting 93-percent occupancy and climbing RevPAR. The property also includes the St. George Tavern, a full-service restaurant, bar and event space offering diners French and Asian cuisine.

“The borrower was looking to lock in a low-interest-rate loan without amortization, and we were able to create a very competitive market, with various banks, insurance companies and CMBS lenders vying to structure favorable deals,” said Beau Williams. “By identifying a network of lenders who recognized the strength of the sponsor and its management team, we were able to achieve our client’s goal of securing low-interest, non-recourse financing that is interest-only for the full 10-year term.”

The property is ideally located within a short walk from 12 subway lines and PATH trains, and is blocks from the 9/11 Memorial and Museum, One World Trade Center, Wall Street, and the New York Stock Exchange.

“Hotel properties continue to perform well across the country, and with New York City receiving a record number of tourists, hospitality properties in the New York are very attractive to capital providers,” said Ari Hirt. “Thus far in 2018, Mission has arranged financing for nearly 20 hotel properties, with 20 percent of the financings exceeding $100 million in loan proceeds. This Holiday Inn financing is one of the largest permanent loans on a NYC hotel this year, and it is indicative of the appetite lenders continue to have for well-located hotel properties.”

About Mission Capital Advisors

Financial Findings: Three Deals to Know

September 26, 2018

NATIONAL REPORT — Hotel Business has been tracking deals in the industry. Sonnenblick-Eichner Company, Mission Capital Advisors, and Berkadia have recently secured financing for hotels around the country:

Provenance Hotels’ Old No. 77 Hotel & Chandlery Receives $29.2M Loan

Sonnenblick-Eichner Company has arranged $29.2 million of interim first mortgage financing to refinance the Old No. 77 Hotel & Chandlery, a historic 167-room, full-service boutique hotel located in New Orleans’ Warehouse Arts District, just a few blocks from the French Quarter.

The five-year floating rate loan was priced over LIBOR at a spread in the mid-300s. Loan proceeds are being used to refinance the existing acquisition loan, as well as provide a return of equity to the borrower.

In June of 2015, the hotel completed a $14-million ($94,000 per room) renovation that included renovating the guestrooms, bathrooms, public spaces and a build-out of the ground-floor restaurant space. Amenities include Compère Lapin, an upscale restaurant and bar helmed by Nina Compton, an acclaimed chef who has won several awards, including the James Beard Award for Best Chef: South in 2018.

“The interim floating rate loan will allow the property to continue to ramp up post-renovation while providing a lower cost of capital than the original acquisition loan,” said Sonnenblick-Eichner’s Principal Elliot Eichner.

Mission Capital Arranges $137M Loan for Holiday Inn Manhattan-Financial District

Mission Capital Advisors’ Debt and Equity Finance Group has arranged $137 million in senior, non-recourse, permanent financing for the Holiday Inn Manhattan-Financial District, a 50-story, 492-key hotel at 99 Washington St. in Lower Manhattan.

“The borrower was looking to lock in a low-interest-rate loan without amortization, and we were able to create a very competitive market, with various banks, insurance companies and CMBS lenders vying to structure favorable deals,” said Beau Williams. “By identifying a network of lenders who recognized the strength of the sponsor and its management team, we were able to achieve our client’s goal of securing low-interest, non-recourse financing that is interest-only for the full 10-year term.”

Berkadia Phoenix Team Secures $78M in Financing for Six Hotels

Berkadia secured $78 million in financing for six hotel properties in a portfolio of eight total hotel properties. Director Adrienne Kautzman of the Phoenix office secured the acquisition bridge loan through Ares Commercial Real Estate Corporation. The borrower was a partnership led by PEG Companies, and the deal closed on September 7.

“PEG’s investment thesis coupled with our deep lending relationships and knowledge of the hospitality space allowed us to facilitate flexible and competitive financing on these six hotels to provide various exit strategies for the PEG team,” said Kautzman.

The properties include Residence Inn by Marriott and Courtyard by Marriott hotels located in St. Petersburg, FL; Sacramento, CA; Santa Fe, NM; Charlotte, NC; Phoenix; and St. Louis, for a total of 828 hotel rooms.

See more here:

PDF File Download

Jubao Xie’s FiDi Holiday Inn Receives $137M in Refinancing

September 21, 2018

NEW YORK CITY — Under the limited liability corporation, Golden Seahorse, Jubao Xie received $137 million in senior, non-recourse, permanent financing for the Holiday Inn, Manhattan – Financial District. Built in 2014, the 50-story, 492-key hotel is the largest Holiday Inn in the world. Located at 99 Washington St. between Rector and Carlisle streets, the hotel is near the World Trade Center.

Ladder Capital provided a fixed-rate loan, which will be used to refinance an existing first mortgage and return capital to the borrower, according to Mission Capital who negotiated the loan.

Xie developed the property with Sam Chang, the chairman of McSam Hotel Group, a major New York City hotel developer. In November 2014, Chang and Xie received $135 million in refinancing from UBS. The loan replaced the existing construction debt of $45 million from Cathay Bank, according to Commercial Observer. In December 2014, Xie bought out Chang’s interest, according to Real Capital Analytics.

The Real Deal reported that in December 2017, Xie had placed the hotel on the market with Marcus and Millichap seeking an asking price north of $300 million. With the mortgage loan maturing, Xie considered selling but evaluating local dynamics and capital markets decided to refinance, according to the publication.
A Mission Capital Advisors debt and equity finance team with Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented the owner in this most recent loan.

The brokers note that the hotel has achieved significant market penetration and currently has a 93% occupancy rate. The property also includes the restaurant and bar, St. George Tavern. “The borrower was looking to lock in a low interest rate loan without amortization, and we were able to create a very competitive market, with various banks, insurance companies and CMBS lenders vying to structure favorable deals,” says Williams. “By identifying a network of lenders who recognized the strength of the sponsor and its management team, we were able to achieve our client’s goal of securing low-interest, non-recourse financing that is interest-only for the full 10-year term.”

“Hotel properties continue to perform well across the country, and with New York City receiving a record number of tourists, hospitality properties in the New York are very attractive to capital providers,” says Hirt. “Thus far in 2018, Mission has arranged financing for nearly 20 hotel properties, with 20% of the financings exceeding $100 million in loan proceeds.” The Holiday Inn financing is one of the largest permanent loans this year on a New York City hotel, and it indicates the appetite lenders have for well-located hotel properties, Hirt adds.

See more here:

PDF File Download

FiDi Holiday Inn Secures $137M Permanent Loan

September 24, 2018

Mission Capital Advisors has arranged $137 million in senior, non-recourse, permanent financing for the Holiday Inn Manhattan-Financial District. The 50-story, 492-key hotel at 99 Washington St. is the world’s tallest Holiday Inn.

A Mission Capital team of Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny represented developer Golden Seahorse LLC in arranging the 10-year, fixed-rate, non-recourse loan from Ladder Capital. Loan proceeds were used to refinance an existing first mortgage and return capital to the borrower.

“The borrower was looking to lock-in a low-interest-rate loan without amortization, and we were able to create a very competitive market, with various banks, insurance companies and CMBS lenders vying to structure favorable deals,” said Williams.

Hirt said the Holiday Inn financing was “one of the largest permanent loans on an NYC hotel this year, and it is indicative of the appetite lenders continue to have for well-located hotel properties.”

See more here:

PDF File Download

Manhattan Holiday Inn Lands $137M Loan

Mission Capital Advisors worked on behalf of Golden Seahorse to arrange the refinancing of the 492-key property, which also marks the brand’s tallest hotel in the world.

September 24, 2018

Golden Seahorse has landed a $137 million refinancing loan for the Holiday Inn Manhattan-Financial District. Mission Capital Advisors’ Debt and Equity Finance Group arranged the 10-year senior, non-recourse permanent loan from Ladder Capital.

Located at 99 Washington St., the 50-story hotel is the tallest Holiday Inn in the world. The property was constructed in 2014 and comprises 492 keys. Amenities include a fitness center, a business center, a laundry facility, free Wi-Fi, concierge services and the St. George Tavern, a full-service restaurant, bar and event space.

FINANCING DETAILS

Proceeds from the financing were used to refinance an existing first mortgage and return capital to the borrower.

Mission Capital’s Directors Beau Williams and Jamie Matheny, as well as Managing Directors Ari Hirt, Steven Buchwald and Alex Draganiuk, represented the owner. Last month, Hirt and Matheny were part of the team that arranged $28.5 million for the construction of a new Hilton-franchised hotel in Fort Lauderdale, Fla.

“This is one of the largest permanent loans on a New York City hotel this year, and our ability to arrive at the structure and pricing we were able to achieve on behalf of our client is a testament to the strength of our client, the property and our execution team,” Williams told Commercial Property Executive. “The borrower had several complex requirements that we were looking to satisfy, and while we were in talks with a wide range of lenders—including conduits, insurance companies and banks—there were only a few willing to work through all the complexities required to close the deal. Ladder understood the various moving parts, and we were able to financially engineer a solution that was compatible for Ladder to execute, resulting in a very favorable structure for the client, with 10-year, interest-only financing at a very attractive rate.”

The hotel is within close proximity to 12 subway lines and PATH trains. Nearby attractions include the 9/11 Memorial and Museum, the Statue of Liberty, Wall Street, One World Trade Center and the New York Stock Exchange.

See more here:

PDF File Download

Mission Capital Arranges $137M Refinancing for Holiday Inn Manhattan-Financial District

September 25, 2018

NEW YORK CITY — Mission Capital Advisors has arranged a $137 million refinancing for the Holiday Inn Manhattan-Financial District, a 50-story, 492-room hotel in Manhattan. Located at 99 Washington St., the property was built in 2014 and is the tallest Holiday Inn in the world. Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital represented the borrower, real estate development firm Golden Seahorse, in securing the 10-year, interest-only loan at a fixed rate through lender Ladder Capital. The property also includes the St. George Tavern, a full-service restaurant and event space. Proceeds from the loan were used to refinance an existing first mortgage and return capital to the borrower.

See more here:

PDF File Download

Ladder Capital is the lender at 99 Washington Street

September 20, 2018

Almost a year after Jubao Xie put the world’s tallest Holiday Inn up for sale, the Chinese developer refinanced the property at 99 Washington Street with a $137 million mortgage.

Ladder Capital issued the 10-year, non-recourse, interest-only, fixed-rate loan, which replaces a $135 million mortgage from Bank of China. Mission Capital Advisors’ Beau Williams, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny brokered the deal.

Xie developed the 50-story, 492-room hotel in Manhattan’s Financial District with Sam Chang and took control of the property in 2014. The hotel has an occupancy rate of 93 percent. The building is also home to restaurant St. George’s Tavern.

Xie hired Marcus & Millichap in late 2017 to shop the hotel with an asking price of more than $300 million.

“With a loan maturing, the borrower was considering selling the property or refinancing, and the local dynamics and capital markets made them ultimately decide to refi,” said Mission’s Williams. “They’re very bullish on New York’s hotel market, and with cheap financing available, they determined that the best strategy was to make this asset a long-term hold.”

See more here:

PDF File Download

Closed Deal
Deal
Debt
Debt & Equity
Finance
financing
hotel
mission capital
press release

MissionCapital View more articles

Tweet Share Pin

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.

LEARN MORE ABOUT JORDAN RAY:
www.missioncap.com/team/?member=jray

LEARN ABOUT THE DEBT & EQUITY FINANCE DESK HERE:
www.missioncap.com/debt-equity/

VISIT MISSION CAPITAL’S WEBSITE:
www.missioncap.com

artificial intelligence
capitalization
commercial lenders
commercial real estate
construction
deals
debt portfolio
Finance
fintech
HFF
JLL
jones lang
Loan Sales
machine learning
mission capital
northmarq
real estate
technology
video

MissionCapital View more articles

Tweet Share Pin

Posts navigation

Older posts
Newer posts