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Situation/Challenges

 

  • 100% vacant property with no pre-leasing, no cash flow
  • Previous tenant had occupied the building since 1900 & filed BK
  • Portions of the building to be repurposed
  • Significant TI/LC, Capex required to repurpose the building
  • Asset structured as a condominium
  • The asset has no parking
  • Large redevelopment area with growing inventory and unpredictable tenant base

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    Solutions/Highlights

    • A10 provided facility to cover 100% of remaining Capex for sponsor to achieve white box status for best pre-leasing condition
    • Future TI/LC facility to lease up 286,000+SF (95% NRA)
    • Three-year term, with two 12-month extension options
    • Fixed Rate Bridge Loan with no defeasance or yield maintenance
    • In-house servicing for prompt and accurate future draw request fulfillment