A10 made the effort to evaluate the transaction early in the process and smoothly closed the loan in just over 30 days from application.
Boise, Idaho (PRWEB) March 07, 2014
A10 Capital, a full service nationwide lending business specializing in small to middle market commercial real estate loans announced that it has funded a $5 million bridge loan for the acquisition of a mid-rise suburban office building with a restaurant/club outparcel building located in West Palm Beach, Florida. The commercial mortgage is secured by the Class B property at approximately 65% leverage. CBRE arranged the sale and debt placement.
Chuck Taylor, EVP of A10 Capital in Atlanta, who structured and closed the loan said, “The borrower is a local experienced investor and operator of office properties. They needed a lender who could commit to a 30 day close. They purchased the property at a great basis and have a solid business plan in place to address current vacancy issues. Working with CBRE, A10 Capital was able to visit the asset early, get comfortable quickly and structure a facility that satisfied all requirements for the client on this acquisition.”
Jason Hochman, Vice President with CBRE’s Debt and Structured Finance Group, who arranged the financing added, “Our client needed a dependable lender who could provide good terms and fund a loan in a limited acquisition time-frame. A10 made the effort to evaluate the transaction early in the process and smoothly closed the loan in just over 30 days from application. I look forward to working with the A10 team again.”
The commercial mortgage was structured on a non-recourse basis and proceeds were used to fund the acquisition of the property as well as provide committed funds for future TI/LC and Rollover facilities. Built in 1987, and situated on 5.46 acres, the property is a newly renovated 69,715 sf office building located less than a mile away from the new Palm Beach Outlets. The property was 69% leased at time of closing.
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.