Boise, ID (PRWEB) April 14, 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 $5.2 million non-recourse bridge loan to fund the acquisition of a suburban office building located in the Virginia Beach-Norfolk, Virginia metro area. The commercial mortgage is secured by a Class B office property and provided approximately 65% leverage.
Chuck Taylor, Principal and EVP of A10 Capital’s Southeast markets structured and closed the transaction. “Due to the property’s low occupancy, the borrower was unable to secure financing from traditional lending sources despite the high quality of the real estate collateral and the strong sponsorship,” said Taylor. “A10 Capital’s bridge loan provided a strong and experienced sponsor with an immediate source of working capital and a future funding mechanism to enable the borrower to reposition the asset over the next few years.”
“This is the second A10 Capital loan we closed in the iCap/Q10 office this year,” said Vincent Hughes, Director at iCap Realty Advisors/Q10, who was responsible for the debt placement. “In both cases, the financing structure of A10 Capital assisted our borrowers in acquiring properties that were outside the scope of traditional lenders.”
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 Cap-Ex, TI/LC and Rollover facilities. The property was 35.5% leased at time of closing.
About A10 Capital
Value-add real estate investors rely on A10 Capital to provide non-recourse financing on un-stabilized and distressed commercial properties across the United States. A10 Capital features flexibility, certainty and fast loan closings, and our satisfied clients have made A10 the most active lender in the in the small- to mid-market bridge loan space ($1 million to $15 million in initial funding plus future facilities). A10's platform incorporates focused origination, speedy underwriting and legal review, competitive pricing and terms, and in-house servicing for the life of the loan. An innovator in the industry with a scalable funding model, A10 is backed by the $15 billion global private equity firm H.I.G. Capital and a Fortune 500 insurance company. We are based in Boise and Dallas and have regional offices in Annapolis, Atlanta, Cleveland, Newport Beach, New Jersey, New York, Philadelphia, and San Francisco. For more information, please visit us at http://www.a10capital.com.