National Advisory Firm Secures Strong Rates and Terms for Sponsor
The latest example of its increased level of activity in Pennsylvania, national real estate capital markets solutions firm Mission Capital Advisors today announced that its Debt & Equity Finance team arranged $37.2 million in non-recourse financing for a portfolio of retail properties in Center City Philadelphia’s premier retail district. The Mission Capital team of Jason Cohen, Ari Hirt and Jamie Matheny arranged the loan on behalf of a major local investor.
The deal is the latest in a long line of prominent financings that Mission Capital has secured for its clients, which include some of the industry’s most well-regarded owners and developers. In Pennsylvania, recent transactions include arranging $16.5 million in bridge financing for the 289,194-square-foot Valley Square Office Complex in Blue Bell, and the brokering of a $41-million acquisition and repositioning loan for 1110 American Parkway NE, a 563,000-square-foot, Class A office property in Allentown.
“Our execution of this transaction in Philadelphia — a city that is experiencing an explosion of real estate investment — is a testament to Mission Capital’s unparalleled ability to arrange favorable loans for our clients in every market across the country,” Cohen said. “Through diligent outreach to our wide range of lender contacts, we were able to arrange an extremely favorable loan for our client, enabling them to capitalize on Center City Philadelphia’s significant foot traffic and incomparable culture.”
The properties are located in the heart of Center City, which has become a residential hotspot in recent years. In addition to their primary retail uses, the properties include office space and rooftop parking.
Center City boasts a variety of cultural attractions, including Independence Hall and the Prince Music Theater, as well as an increasing number of prime retail destinations, such as an Apple store, Lululemon and Uniqlo. The area’s high concentration of office workers, tourists and local residents has made it one of the city’s most sought-after retail locations, leading to skyrocketing retail rents.
“The borrower plans to implement capital improvements at the properties and increase cash flow through aggressive lease-up and increasing retail rents to market rates,” said Hirt. “We received offers from a wide range of lenders, including banks and debt funds that were interested in investing in these prime retail properties. Ultimately, we closed on an excellent bank loan with a great rate, providing the sponsor with the necessary capital to unlock the full potential of these assets.”
Mission Capital Advisors is extremely active in arranging financing for office, hotel, multifamily, retail, industrial, and self-storage 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 City, Florida, Texas, California, and Raleigh, North Carolina. 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 valuation. 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.missioncap.com.
