LAS VEGAS-Mission Capital Advisors, a leading national real estate capital markets solutions firm, says that its Debt & Equity Finance Group has arranged approximately $37 million in financing on behalf of the Siegel Group Nevada, Inc., a privately held real estate investment firm. The financing is part of a comprehensive debt restructure recently completed by the Siegel Group.
The Siegel Group, which operates 21 flexible-stay apartment communities in Las Vegas known as Siegel Suites, engaged a Mission Capital team led by managing director Jordan Ray on two assignments to assist in capitalizing and completing the last tranche of a $300 million debt restructuring by the Siegel Group.
While The Siegel Group owns and operates a sizable portfolio of properties throughout Nevada and California that include multifamily, retail, office, boutique hotel and hotel-casinos assets, the debt restructure was solely limited to Nevada assets that the company acquired before the downturn. Making the debt restructure more challenging was that a majority of the original lending institutions had either sold the loans to third-party investors or failed and had been taken over by the FDIC.
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