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Offshore lender ponies up $95M in construction finance for 10 Sullivan

Mission Capital Advisors, a national real estate capital markets solutions firm, announced that its Debt & Equity Finance Group has arranged $95 million in construction financing on behalf of Property Markets Group and Madison Equities.

The loan will be used for the development of 10 Sullivan Street, a luxury residential property in SoHo.

Rendering of 10 Sullivan Street
Rendering of 10 Sullivan Street

10 Sullivan Street will consist of 19 luxury condominium units in a 16-story tower, as well as four five-floor townhomes and a 10-space parking garage.

A Mission Capital team of managing director Jason Cohen, director Ari Hirt, associate director Steven Buchwald and analyst Jamie Matheny secured the 80 percent loan-to-cost financing.

Provided by an offshore lender, the non-recourse loan has a five-year loan term including all extension options.

“The realization of non-recourse, 80 percent loan-to-cost construction financing for a ground-up condominium development is incredibly rare in the current market cycle,” Cohen said.

“Mission Capital’s ability to find a lender that not many companies can reach was a major factor in closing the deal. While the lender has been very selective in the loans it has closed in the United States, we were able to demonstrate that the project is well positioned to enable ownership to repay the loan through condominium sales.”

Located on Sullivan Street between Sixth Avenue, Spring Street and Broome Street, 10 Sullivan Street will have a distinct shape that will allow for several full-floor units with 360-degree views, including a duplex and triplex.

The tower will also feature ground-floor retail space, a residential lobby, storage and a gym for residents.

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