The Phoenix MSA is experiencing a strong recovery and this property is well-situated in the growing western suburbs known as the West Valley.
Boise, Idaho (PRWEB) March 31, 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 $14.6 million non-recourse bridge loan to recapitalize a shopping center located in Goodyear, Arizona, a western Phoenix suburb. The commercial mortgage is secured by a Class A anchored retail shopping center and provided approximately 55% leverage. The proceeds were used to fund the recapitalization of an all-cash purchase as well as committed funds to facilitate the future lease up of the property.
Mark McClure, Principal and EVP at A10 Capital, who structured and closed the loan, said, “The sponsor, an experienced real estate investment firm that focuses on the purchase and repositioning of commercial properties nationwide, needed a lender willing to work with them on a high-quality retail property with occupancy issues due to the recent economic downturn. The Phoenix MSA is experiencing a strong recovery and this property is well-situated in the growing western suburbs known as the West Valley. A10 was able to provide non-recourse senior financing with a significant future facility that enables the borrower to execute their business plan.”
The loan was placed with A10 Capital by HFF, L.P., a commercial real estate capital intermediary with offices located in major and secondary markets throughout the country.
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, New York, Philadelphia, and San Francisco.