Mission Capital Advisors announced that its Debt and Equity Finance team has arranged $16.75 million of permanent financing to refinance a portfolio of 10 office, medical, and retail properties across northern Florida.
The Mission Capital team of Matt Polci, Ari Hirt, Alex Draganiuk and Justin Hunt represented DMCC Holdings in securing the non-recourse loan from Deutsche Bank.
In aggregate, the portfolio is currently 97.7-percent leased. Each property has a strong location within its submarket, and benefits from convenient access to major roadways.
“After acquiring these assets over the past four years, DMCC has made significant property improvements, thereby generating strong leasing and renewal activity across the portfolio,” said Polci. “This non-recourse CMBS loan will replace ten individual mortgages, each of which was structured with recourse, while returning additional capital to the sponsor.
“With DMCC in the midst of a corporate expansion, the strong proceeds will enable them to continue adding to their portfolio of well-positioned properties.”
