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Mission Capital Arranges Thorofare Loan on Mag Mile Parcel
Mission Capital Advisors’ debt and equity finance group has arranged $13 million of non-recourse, floating-rate financing on behalf of an affiliate of the Sterling Organization. The loan recapitalizes 110 E. Pearson St., a 9,000-square-foot vacant retail property in the heart of the Magnificent Mile.
Jonathan More, Alex Draganiuk, Lexington Henn and Justin Hunt of Mission Capital secured the loan from Thorofare Capital. The loan will be used to capitalize the property, lease up the available space and implement significant capital improvements.
Thorofare’s willingness to provide financing stemmed from the firm’s recognition of the sponsor’s strong track record in value-add retail and the property’s desirable location, said Felix Gutnikov, the firm’s head of origination.
“We were able to offer Sterling Organization a structured financing solution for a well-located retail asset within one of the most recognized shopping districts in the country,” he said. Mission and Thorofare have completed several deals together.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
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