Loan sale advisory firm Mission Capital reports that it is seeing a rise in hospitality transactions. For example, it recently arranged for $15 million in first-mortgage financing for the Palihouse West Hollywood, a 37-key boutique hotel – plus it has a number of additional hospitality transactions in the pipeline.
Other recent commercial real estate transactions include $33 million in first mortgage and mezzanine financing for an 81-key boutique hotel in the Chelsea neighborhood of Manhattan, N.Y.; a $95 million non-recourse construction loan for ground-up development of an 83,000-square-foot ultra-luxury condo complex in the SoHo section of New York City; and $10.9 million in non-recourse bridge funding for the acquisition of a 16,000-square-foot mixed-use building in SoHo slated for conversion to luxury condominiums.
In order to accommodate the growth of its West Coast & Equity Finance practice, Mission Capital recently moved its California office to 620 Newport Dr. in Newport Beach. The company also has offices in New York City; Austin, Texas; and Palm Beach Gardens, Fla.
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