Boise, Idaho (PRWEB) September 02, 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 $16.8 million bridge loan for the acquisition of a 10-story office building located in Coral Gables, Florida.
901 Ponce de Leon Blvd is a class A office building locally known as the “American Airlines” building due to the fact that it is the airlines’ Caribbean and Latin American headquarters and has prominent signage on all four sides. The building was originally developed by the British firm London & Leeds and its exterior walls consist entirely of travertine marble tiles.
Frank Guerra, Principal of Altis Real Estate Strategies, stated "We could not be more satisfied with A 10 Capital in connection with our acquisition of 901 Ponce de Leon. A10 was extremely professional, timely and transparent. It did all it represented and performed on the timeframe we needed to get the transaction closed. We are thrilled with prospects of this most recently acquired asset and even more thrilled with our relationship with A10 Capital on this deal and future deals."
Steve Zorich, Executive Vice President at A10 Capital, who structured and closed the loan said, “We are very pleased to provide this financing for Altis. With this property, we feel that they are getting a good solid asset at significant discount. Their local presence allowed us to see the asset quickly, assess the opportunity and ultimately provide non-recourse senior financing that will allow Altis to initiate its business plan for the property.”
The bridge loan was structured on a non-recourse basis. Proceeds were used to fund the acquisition of the property.
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, a Fortune 500 insurance company and a $4 billion institutional investor. 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. For more information, please visit us at http://www.a10capital.com.