A10 immediately understood our vision when others simply couldn't and for that we are very appreciative.
Boise, Idaho (PRWEB) November 06, 2013
A10 Capital, a full service nationwide lending business specializing in small to middle market commercial real estate loans announced that it has funded two non-recourse bridge loans: $2.4 million and $1.6 million for the acquisition of two student housing complexes near the University of North Carolina in Greensboro, North Carolina. The commercial mortgage is secured by the two class B properties at approximately 64% average leverage.
Chuck Taylor, EVP of A10 Capital, who structured and closed both loans, said, “The sponsor, PRAGMA Investments, had already been approved by A10 on the larger loan when they won the bid via online auction on the other student housing property. A10 was in the unique position to close the $2.4 million loan at the end of September, and then fund the $1.2 million loan less than a month later. Although they’re a newer player in this market, PRAGMA’s principals are seasoned professionals who have completed over $500 million of institutional quality real estate transactions and have a solid investment strategy going forward.”
“Finding an entrepreneurial lender like A10 Capital enabled us to quickly and successfully acquire these value-add student housing properties.” said Adam Ross, founder and managing member of PRAGMA Investments. “A10 immediately understood our vision when others simply couldn't and for that we are very appreciative.”
The proceeds of the loans were used to fund the acquisition of the properties as well as committed funds for future Capital Expenditure facilities. Both transactions were structured on a non-recourse basis.
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.