TAMPA - The San Diego office of ARG Capital Partners announced it has arranged joint venture equity totaling $16 million for its client Feldman Equities, Inc.
ARG assisted Feldman Equities in securing an all-equity closing on the acquisition of a distressed mortgage note secured by a Class A, 134,065SF office building in Tampa. Given the time-sensitive nature of the transaction and the closing deadline imposed by the note seller, an all-equity closing was required.
Bryan Clark, director of capital markets with ARG Capital Partners, arranged joint venture equity on behalf of the sponsor, Feldman Equities securing a letter of intent for $16M in joint venture equity, with terms acceptable to the note seller, sponsor, and joint venture partner, for an all-cash closing within five days of notification that the previous partner had backed out - with the closing of the acquisition taking place 15 days later.
ARG Capital Partners arranged the joint venture equity through a real estate private equity firm whose principals each have over 20 years of experience.
ARG Capital Partners represented Feldman Equities, Inc., an operator having developed or acquired over 11 msf of office and retail properties with an aggregate value in excess of $2.5 billion.
Source: FloridaRealEstateJournal
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