The sponsor...needed a lender willing to work with them on both industrial and office uses with occupancy issues and in need of significant capital improvements.
Boise, Idaho (PRWEB) January 10, 2014
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 $16.4 million non-recourse bridge loan to fund the acquisition of two industrial/flex buildings in the San Francisco, California metro area. The commercial mortgage is secured by two Class B Industrial R & D/Flex buildings and provided approximately 65% leverage. The proceeds were used to fund the acquisition of the buildings as well as committed funds to facilitate capital expenditures and the future lease up of the property.
John Neff, Principal & EVP of A10 Capital, who structured and closed the loan, said, “The sponsor is an experienced CRE investment firm that focuses on properties in need of physical upgrades and/or re-tenanting. They needed a lender willing to work with them on both industrial and office uses with occupancy issues and in need of significant capital improvements. Since this property is located in a prime business park location with many prominent national tenants, A10 was able to structure a facility that met the requirements of the borrower.”
The loan was placed with A10 Capital by Terry Daly of Cassidy Turley, a national commercial mortgage banking firm.
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, Newport Beach, New Jersey, Philadelphia, and San Francisco.