By IvyLee Rosario
Mission Capital Advisors’ Debt and Equity Finance Group arranged $21.7 million in financing for Raith Capital Partners. The amount comprises two first-mortgage financing loans. Mission Capital’s team of Ari Hirt, Steven Buchwald, Eugene Shevaldin, Lexington Henn and Will Sledge represented Raith.
A $10.5 million loan was for the renovation of Avera Commerce Center, an industrial campus in Stafford, Texas. Located at 3928-4012 Bluebonnet Drive, Raith Capital acquired the 249,823-square-foot property in 2016. A portion of the loan will be used to add value to the 16-building complex through capital improvements, including the renovation of roofs, replacement of HVAC units and cosmetic improvements. Each of the buildings at Avera have minimum clear heights of 14 feet and ample grade-level loading. Constructed between 1995 and 2004, the buildings are situated on a 14.56-acre, well-landscaped parcel.
“With this property situated in one of the country’s strongest industrial markets, we were able to highlight its growth potential and structure a strong interest-only bridge loan with very high leverage,” said Shevaldin in prepared remarks. “This is the second deal we’ve done for Raith Capital, and with their track record of turning around properties that were previously somewhat challenged, we’ve been successful at attracting interest from a range of capital providers who understand their value-add strategy.”
The $11.8 million loan was for the recapitalization of The Centre at La Quinta, a shopping center in La Quinta, Calif. Located at 79305 Highway 111, the 79,795-square-foot center is anchored by Walmart Supercenter, and is 87 percent occupied by tenants such as Marshalls, PetSmart, GameStop, UPS and Sprint.
“The Centre at LaQuinta is situated on one of the main retail drags in the Coachella Valley, and its stable of premier tenants made it very attractive to capital providers,” said Henn in prepared remarks. “The sponsor ultimately acquired the property at a very low basis, and this enabled us to structure a permanent, fixed-rate loan at very attractive terms.”
Image courtesy of Yardi Matrix