LAS VEGAS — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that the company has completed the sale of a loan on behalf of Union Bank for Shadow Mountain Marketplace, a 350,000-square-foot, 36-store anchored shopping center in Las Vegas. The unpaid principal balance of the loan was $48,380,000. The transaction is the latest in a number of loan sales completed by Mission Capital on behalf of Union Bank over the last few years.
A team led by Mission Capital Managing Director Chad Coluccio completed the sale of the loan to a debt fund, which plans to work with the borrower to restructure the loan. Scott Myers, Director of Sales & Trading with Mission Capital, executed loan valuation analysis as part of the assignment.
“This transaction is an excellent example of the strength of Mission Capital’s integrated service platform, whereby our team determined an appropriate value for the loan, and through the execution of our marketing strategy, which included exposing the opportunity to a wide market of both real estate and restructure buyers, was able to secure multiple final bids in excess of our reserve price,” stated Coluccio. “Despite this being a stable asset with 96-percent occupancy, the timing of the loan’s origination at the market’s peak and the subsequent downturn in the market resulted in the loan falling into maturity default. We are very pleased to have been able to dispose of this loan in a quick, efficient manner in which all parties involved were pleased with the outcome”
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Mobile, Al. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets.
Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.