ARG Capital Partners Secure Joint Venture Equity Totaling $16M for the Opportunistic Acquisition of a Distressed Mortgage Note in Tampa, FL

SAN DIEGO, Jan. 31, 2011 /PRNewswire/ -- The San Diego office of ARG Capital Partners announced today that 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, 134,065 SF Multi-Story Office building in Tampa, Florida. 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 5 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 market-leading real estate private equity firm whose principals each have over 20 years of experience, including leadership positions at premier investment funds and operating companies, and collectively have been responsible for over $10 billion of real estate investments.

ARG Capital Partners represented Feldman Equities, Inc., a best-in-class operator having developed or acquired over 11 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion. "The deal posed some unique challenges, especially given the time constraints," said Clark. "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." Feldman Equities boasts an impressive track record and nationwide reputation as a turnaround specialist with a unique hands-on approach to turning around distressed assets.

ARG CAPITAL PARTNERS (ARGCP) is a relationship driven boutique real estate investment banking and capital advisory firm, providing a fully integrated national capital markets platform including permanent and interim debt placement, mezzanine debt, note financing, structured finance, and preferred and joint venture equity for middle market operators, investors, and developers with proven track records in major metropolitan markets nationwide.

SOURCE ARG Capital Partners