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Situation/Challenges
  • Refinance of an existing bridge loan
  • 100% leased at loan closing
  • Constructed in 1996
  • Concentrated rent roll with a total of three tenants
  • Largest tenant has experienced declining sales at this location
  • It was anticipated that one of the anchor tenants would not yet be open for business at loan closing
  • Rollover risk starting mid-term of the loan
Solutions/Highlights
  • Collateral property is part of a larger shopping center that contains other anchor tenants
  • Two of the tenants have been in place since the center opened and one recently signed a 12-year lease extension
  • Creative rollover structure
  • Non-recourse
  • 15-year loan term with a flexible prepayment structure after year 10
  • 25-year amortization schedule
  • Loan will remain on A10's balance sheet and serviced in-house