The borrower...needed a lender who could commit to a 30 day close.
Boise, ID (PRWEB) May 31, 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 $3.1 million non-recourse bridge loan to finance a retail shopping center in the Atlanta metro area. The commercial mortgage is secured by a Class A retail center and provided approximately 70% leverage. The proceeds were used to fund its acquisition as well as committed funds to facilitate the future lease up of the property.
Chuck Taylor, EVP of A10 Capital, who structured and closed the loan, said, “The borrower, who is an experienced retail operator, needed a lender who could commit to a 30 day close. Since the property had an occupancy rate of nearly 80% and a solid tenant roster, A10 Capital was able to work quickly and efficiently to structure a facility that met the all the requirements of the borrower.”
The loan was placed with A10 Capital by iCap Realty Advisors, a commercial real estate capital intermediary firm located in Atlanta.
“Because banks are continuing to reduce their exposure to commercial real estate in wake of the credit crisis, A10 Capital’s “value-add” bridge loans continue to fill a giant void in the marketplace,” Taylor added.
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, Chicago, Newport Beach, New Jersey, Philadelphia, and San Francisco.