A10 has their closing process dialed in. We...ended up closing the loan in less than 20 business days.
Boise, ID (PRWEB) May 22, 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 non-recourse bridge loan for the acquisition of an industrial warehouse located in McKinney, Texas, a northern suburb of Dallas. The commercial mortgage is secured by a Class A bulk distribution warehouse and office complex and provided approximately 70% leverage.
Mark McClure, Principal and EVP at A10 Capital, who structured and closed the loan, said, “We recognized immediately the sponsor had a solid business plan to retrofit and repurpose this former bulk distribution center. Therefore, we were able to get comfortable quickly and work with Jones Lang LaSalle to structure a facility that satisfied all requirements for the client on this acquisition.”
“A10 has their closing process dialed in.” said Jason Piering, Executive Vice President with Jones Lang LaSalle, who originated the transaction for the sponsor. “We were faced with a hard close date on the purchase contract and ended up closing the loan in less than 20 business days. The A10 closing team worked diligently through the closing checklist with Jones Lang LaSalle and the sponsor.”
The bridge loan 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 capital expenditure and TI/LC facilities. The amount of the loan was not disclosed.
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 small- to mid-market bridge loan space ($1 million to $20 million). 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, Kansas City, Newport Beach, New Jersey, New York, Philadelphia, and San Francisco.