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  • Writer's pictureMAREJ

Mission Capital procures $37.2 million loan for Philadelphia retail portfolio

PHILADELPHIA, PA — Mission Capital Advisors’ Debt & Equity Finance team arranged $37.2 million in non-recourse financing for a portfolio of retail properties in Center City Philadelphia’s premier retail district. The Mission Capital team of Jason Cohen, Ari Hirt and Jamie Matheny arranged the loan on behalf of a major local investor. “Our execution of this transaction in Philadelphia — a city that is experiencing an explosion of real estate investment — is a testament to Mission Capital’s unparalleled ability to arrange favorable loans for our clients in every market across the country,” Cohen said. “Through diligent outreach to our wide range of lender contacts, we were able to arrange an extremely favorable loan for our client, enabling them to capitalize on Center City Philadelphia’s significant foot traffic and incomparable culture.” The area’s high concentration of office workers, tourists and local residents has made it one of the city’s most sought-after retail locations, leading to skyrocketing retail rents. “The borrower plans to implement capital improvements at the properties and increase cash flow through aggressive lease-up and increasing retail rents to market rates,” said Hirt. “We received offers from a wide range of lenders, including banks and debt funds that were interested in investing in these prime retail properties. Ultimately, we closed on an excellent bank loan with a great rate, providing the sponsor with the necessary capital to unlock the full potential of these assets.”

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