ARG Capital Partners Secures $16 Million Joint Venture Equity
With the help of ARG Capital Partners, Feldman Equities Inc. has secured an all-equity closing on the acquisition of a distressed mortgage note in Tampa, Fla.
ARG Capital Partners, a San Diego-based company that provides real estate investment banking and capital advisory services, arranged a joint venture equity totaling $16 million for its sponsor, Feldman Equities, to acquire the Class A, 134,065-square-foot multistory office building.
Within five days of notification that the previous partner backed out, ARG secured a letter of intent for $16 million in joint venture equity for all-cash closing. An all equity closing was required due to time constraints and the closing deadline imposed by the note seller.
The closing of the acquisition took place 15 days after the original partner decided to not invest in the property.
“The deal posed some unique challenges, especially given the time constrains,” said Bryan Clark, director of capital markets for ARG Capital Partners. “But we liked the property, location, and the numbers from day one. But getting deals done in this market requires strength and quality of sponsorship. The sponsorship here was truly top notch.”