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Situation/Challenges

  • Loan collateral consisted of office condominium units
  • Prior loan was crossed with an unrelated property
  • Occupancy below market due to recent tenant moveout
  • Secondary market

Solutions/Highlights

  • A10 was able to understand and get comfortable with the ownership structure and collateral pool
  • A10 was able to time funding to facilitate uncrossing of properties
  • A10 provided “good news” TI/LC proceeds to fund lease-up costs
  • A10 recognized the building’s strong position within the market