- Property had history of crime at location.
- Property needed extensive Capex improvements to reposition the property in the market.
- Leasehold with State Agency technically owning the fee interest (for tax benefits).
- Borrower had a hard closing date.
- The Sponsor had a successful track record of turning around properties with crime history.
- A10 got comfortable that the property was in a good location.
- A10 financed extensive Capex improvements to address amenity upgrades and deferred maintenance issues.
- A10 was able to get comfortable with State Agency Leasehold.