The sponsor...needed a lender willing to work with them on a single-tenant property with occupancy issues due to downsizing.
Boise, ID (PRWEB) August 21, 2013
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 $6.4 million non-recourse bridge loan to refinance an office building in the Portland, Oregon metro area. The commercial mortgage is secured by a Class B suburban office/manufacturing building and provided approximately 60% leverage. The proceeds were used to fund the refinance of an existing loan as well as committed funds to facilitate the future lease up of the property.
Kyle Knox, EVP of A10 Capital, who structured and closed the loan, said, “The sponsor, an experienced real estate private equity firm that develops and acquires properties nationwide, needed a lender willing to work with them on a single-tenant property with occupancy issues due to downsizing. Since this property is located in a prime technology corridor known as the “Silicon Forest” and has great potential for other tech firm development, A10 was able to structure a facility that met the requirements of the borrower.”
The loan was placed with A10 Capital by Newmark Realty Capital, an independent commercial mortgage banking firm with offices located in the western United States.
About A10 Capital
Founded in 2007, A10 Capital specializes in small to middle market commercial mortgage loans on a nationwide basis. Our core product, a mini-perm loan, features an intermediate term of 3-5 years that is often used to finance properties not yet in a position to obtain longer-term, permanent financing. A10 Capital is a full service lending platform, including origination, underwriting, closing, and servicing. The firm has its primary headquarters located in Boise, Idaho, with secondary headquarters located in Dallas, Texas. In addition, A10 has regional production offices located in Atlanta, Newport Beach, New Jersey, Philadelphia, and San Francisco.