Mission Capital Advisors’ Debt & Equity Finance Group has arranged $50.6 million in bridge financing, in addition to a $15.0 mezzanine loan, for the acquisition and pre-development of a property at 42-50 24th Street in Long Island City.
Jason Cohen, Alex Draganiuk, Steven Buchwald and David Behmoaras arranged senior and mezzanine financing with Robyn Sorid and Jason Behfarin, founding principals of G4 Capital and Dan Cooperman, COO of Terra Capital Partners, on behalf of Dynamic-Hakim and Property Markets Group.
The financing represents 79 percent project’s total capitalization.
This is the fifth transaction that G4 has entered into with PMG, and the second with Dynamic-Hakim. This is the first financing that Terra Capital has done with either borrower.
Dynamic-Hakim and Property Markets Group, which recently acquired Queens Plaza Park and Queens Plaza South in the same neighborhood, plans to invest additional capital to entitle the lot and prepare it for the development of a new residential and commercial building.
“Given the sponsor’s track record of success in the neighborhood, along with their ability to execute on their business plans effectively, we were able to secure extremely favorable financing that will allow Dynamic-Hakim and PMG to execute on its vision,” said Jason Cohen, managing director of Mission Capital.