The client needed the flexibility that A10 offers and they particularly appreciated the fact that we were able to obtain a longer term non-recourse bridge loan with good news money for the future lease up.
Boise, Idaho (PRWEB) August 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 an $11.5 million non-recourse bridge loan to refinance an office/R & D building located in Sunnyvale, California, a San Jose suburb. The commercial mortgage is secured by the Class A property and provided approximately 61% leverage.
John Neff, Principal and EVP at A10 Capital, who structured and closed the loan said, “The sponsor had already invested a significant amount of funds in extensive market-ready renovations. They needed a lender willing to work with them to secure refinancing on a 100% vacant asset. Since this property is in a strong location due to the high concentration of tech companies in the area, A10 was able to structure a facility that met the requirements of the borrower and will allow them to execute their business plan.”
Robert Newstead, Principal at Guardrail Finance, Inc., who arranged the financing, stated, “A10 Capital provided attractive terms on the partial cash out refinance for our client’s vacant office/R&D asset in Sunnyvale, CA. The overall process was smooth and the team was both thoughtful and diligent during the loan closing. Our client is a strong, experienced partnership that is executing on a value-add strategy for the asset. The client needed the flexibility that A10 offers and they particularly appreciated the fact that we were able to obtain a longer term non-recourse bridge loan with good news money for the future lease up. I would definitely recommend A10 Capital on deals where flexibility and a reasonable approach to bridge lending are desired.”
The bridge loan was structured on a non-recourse basis and proceeds were used to fund the refinance of the maturing note 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.