A10 Capital, a full service nationwide lending business specializing in small to middle market commercial real estate loans has funded a $4.3 million bridge loan to fund the refinance of a CMBS loan for an office building in the Chicago metro area. The commercial mortgage is secured by a Class A low-rise office building and provided approximately 70% leverage.
David Johnson, EVP of A10 Capital, who structured and closed the loan, said, “The borrower, who has over 40 years of extensive and diverse business experience, required a lender willing to work with him on a high-quality office property with occupancy issues due to the recent economic downturn. Since the property had an occupancy rate of nearly 60% and a solid tenant roster, A10 Capital was able to work quickly and efficiently to structure a facility that met the all the requirements of the borrower.”
Dean Giannakopoulos, Director with Marcus & Millichap Capital Corporation, who arranged the financing, added, “There were a lot of moving parts with this loan that had to be addressed and thanks to the diligence of the A10 team, they were handled expertly. This is a fantastic group.”
The commercial mortgage was structured on a non-recourse basis and proceeds were used to fund the refinance of the existing CMBS loan as well as provide committed funds for a future TI/LC facility.
