There were a lot of moving parts with this loan that had to be addressed and thanks to the diligence of the A10 team, they were handled expertly.
Boise, Idaho (PRWEB) July 08, 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 $4.3 million bridge loan to fund the refinance of a CMBS loan for an office building in the Chicago metro area. The commercial mortgage is secured by a Class A low-rise office building and provided approximately 70% leverage.
David Johnson, EVP of A10 Capital, who structured and closed the loan, said, “The borrower, who has over 40 years of extensive and diverse business experience, required a lender willing to work with him on a high-quality office property with occupancy issues due to the recent economic downturn. Since the property had an occupancy rate of nearly 60% and a solid tenant roster, A10 Capital was able to work quickly and efficiently to structure a facility that met the all the requirements of the borrower.”
Dean Giannakopoulos, Director with Marcus & Millichap Capital Corporation, who arranged the financing, added, “There were a lot of moving parts with this loan that had to be addressed and thanks to the diligence of the A10 team, they were handled expertly. This is a fantastic group.”
The commercial mortgage was structured on a non-recourse basis and proceeds were used to fund the refinance of the existing CMBS loan as well as provide committed funds for a future TI/LC facility.
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.