Boise, ID (PRWEB) October 22, 2013
A10 Capital, a full service nationwide lending business specializing in small to middle market commercial real estate loans announced today that it has funded a $2.4 million non-recourse bridge loan for the acquisition of an warehouse property located in the Phoenix, Arizona metro area. The commercial mortgage is secured by two Class B warehouse buildings and provided approximately 65% leverage. The proceeds were used to fund the acquisition of the property as well as committed funds for future TI/LC and Capital Expenditure facilities.
Kyle Knox, EVP of A10 Capital, who structured and closed the loan, said, “This property was previously owned by an absentee investor who was unwilling to spend capital improvement dollars for ongoing repairs and maintenance. The sponsor plans to immediately complete all deferred maintenance items which will dramatically improve marketability and create goodwill with the current tenant.”
“The A10 closing process was incredible.” said Jim Pierson, Principal at Legacy Capital Advisors, who originated the transaction for A10 Capital. “We were faced with a firm deadline on the purchase contract and ended up closing the loan in 24 business days. The A10 closing team worked diligently through the closing checklist with Legacy Capital and the Sponsor.”
“This transaction really reflects our approach to the business of commercial real estate loans and the special attention to detail that our borrowers receive on every loan.” added Knox.
About A10 Capital
Founded in 2007, A10 Capital specializes in small to middle market commercial mortgage loans on a nationwide basis. Our core product, a mini-perm loan, features an intermediate term of 3-5 years that is often used to finance properties not yet in a position to obtain longer-term, permanent financing. A10 Capital is a full service lending platform, including origination, underwriting, closing, and servicing. The firm has its primary headquarters located in Boise, Idaho, with secondary headquarters located in Dallas, Texas. In addition, A10 has regional production offices located in Atlanta, Cleveland, Newport Beach, New Jersey, Philadelphia, and San Francisco.