Mission Capital Advisors Debt and Equity Finance Group structured $18.5 million of non-recourse bridge financing for The Falls, a 116-unit luxury apartment community in Hudson, New York.
The loan, which was provided by Walker & Dunlop, will retire the existing construction loan and will provide the sponsor with additional proceeds to complete construction of the community.
The Mission Capital team of Rob Beyer, Ari Hirt, Steven Buchwald, Alex Draganiuk, David Behmoaras and Justin Hunt secured the financing on behalf of JMS Construction.
JMS acquired the 22-acre property – formerly the Greenport Elementary School – in 2015, with plans to redevelop it. When complete, the community will comprise four interconnected buildings, featuring indoor and outdoor pools, a fitness center, walking trails, wine cellar, a yoga studio, movie theater, event space and a first-class spa complete with sauna, steam room and salt room.