...A10 Capital was able to quickly analyze the transaction and articulate a structure that worked for everyone.
Boise, Idaho (PRWEB) October 07, 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 $13.5 million non-recourse bridge loan to refinance an office building located in Bellevue, Washington, a Seattle suburb. The commercial mortgage is secured by the Class A property and provided approximately 65% leverage.
John Neff, Principal and EVP at A10 Capital, who structured and closed the loan said, “We were presented a unique opportunity as the principals of the borrowing entity own six different businesses which almost fully occupy the asset. They needed a lender willing to work with them to secure refinancing in order to pay off existing business debt and improve the cash position of the company. Since the property is already 94% occupied and located in a historically strong office market, A10 was able to work with the mortgage banker and the borrower to structure a facility that met their requirements and will allow the borrower to continue their company’s strategic plan.”
Russ Cree, Principal at Glacier Real Estate Finance, who arranged the financing, stated, “The deal I presented was extremely time sensitive and A10 Capital was able to quickly analyze the transaction and articulate a structure that worked for everyone. Their ability to focus and communicate what was needed to approve and close kept the borrower and the deal on track which resulted in a smooth closing experience. I look forward to working with A10 on future opportunities.”
The bridge loan was structured on a non-recourse basis and proceeds were used to fund the refinance of existing debt.
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. For more information, please visit us at http://www.a10capital.com.