A10 Capital Funds the Acquisition of an REO Retail Property Located in Louisville, Kentucky
Boise, Idaho (PRWEB) January 12, 2015 -- 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 for the acquisition of an unanchored retail shopping center located in Louisville, Kentucky. The commercial mortgage is secured by the Class B property and provided approximately 70% leverage.
Michael Singh, Principal and Executive Vice President at A10 Capital, who structured and closed the loan said, “This transaction is an ideal fit with A10’s lending platform and capabilities. The property was in REO for over a year and lacked the attention needed to bring it to stability. Since the retail center is located in an ideal submarket in Louisville, we recognized its redevelopment potential and worked diligently with Jerry and his team to structure a facility that met the needs of both parties.”
Jerry Wise, owner and chairman of BRAD Management, stated, "We required certainty of execution as we had just over 30 days to close, and were non-refundable on 10% of the purchase price. A10 Capital got us comfortable that they would close timely despite occupancy issues and many moving parts. A10 closed as quoted. I would come back to A10 again for sure."
The bridge loan was structured on a non-recourse basis and proceeds were used to fund the acquisition of the property 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, a Fortune 500 insurance company, and an affiliate of an institutional investor with $20 billion of equity capital. 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.
Laura Penney, A10 Capital, http://www.a10capital.com, +1 (208) 577-5002, [email protected]
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