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Situation/Challenges
  • Refinance of an existing loan
  • Collateral consists of a retail condominium interest and parking
  • Property was built by the sponsor as part of an urban infill residential and retail project
  • Tenant concentration in that approximately 88% of the property is leased to one tenant
  • This major tenant will not be open for business at loan closing
Solutions/Highlights
  • Major tenant is an investment-grade national corporation on a long-term lease
  • Sponsor is a pioneer of the senior housing industry and has been honored as one of the "Most Influential People in Real Estate"
  • Non-recourse
  • 24-year amortization schedule
  • Loan will remain on A10's balance sheet and serviced in-house