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Situation/Challenges

  • Both the CMBS and Mezzanine loans were in maturity default
  • Multiple property, multi-state collateral pool
  • One of the properties is a commercial condominium
  • Located in a submarket that has struggled in recent years
  • Largest tenant is expected to vacate in 1Q20
  • Loan needed to close by year end

Solutions/Highlights

  • A10 provided a fixed rate bridge loan to refinance both the CMBS and Mezzanine loans
  • Initial term of two years plus multiple extension options
  • Loan structured to allow for the release of individual properties
  • Upfront reserves collected for TI/LC, rollover and capex
  • Experienced repeat A10 customer who owns multiple properties in the market
  • A10 was able to meet the year end closing date