Mission Capital Advisors announced that its Debt & Equity Finance Group has arranged $29 million in non-recourse acquisition and renovation financing for 2415 Third Avenue, an eight-story, 175,000 s/f commercial loft property in the Mott Haven section of The Bronx.
The Mission Capital team of Jonathan More, Ari Hirt, Steven Buchwald and David Behmoaras secured the non-recourse loan on behalf of a joint venture between Hornig Capital Partners and Savanna.
The building is situated several blocks from Manhattan in Mott Haven’s Piano District in the South Bronx, close to the 4, 5 and 6 Subway lines.
The financing will allow ownership to initiate a capital improvement and lease-up program to the property, including upgrades to elevators, bathrooms, windows, corridors and HVAC systems. The property will be re-branded as the Bruckner Building.
“Utilizing their keen market insight, Savanna and Hornig selected this property in an up-and-coming neighborhood, and decided to reinvigorate it to allow it to reach its full potential,” More said.
“In addition to the strong market conditions that exist and the building’s many below-market rents, the property also has a very strong investment basis, owing to the sponsor’s unique ability to identify emerging neighborhoods early in their trending lifecycles.”
Hirt said his team arranged non-recourse financing from a bank that will allow the partnership to engage in its capital improvement program while maintaining limited downside risk.