$25,900,000
Portfolio: NJ & MA
Transaction Type
Bridge Refinance
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Existing CMBS and Mezzanine loans were in maturity default
- Multi-state collateral pool
- One of the portfolio’s properties was a commercial condominium located in a submarket that struggled in previous years
- Largest tenant was expected to vacate during loan term
- Loan needed to close by year-end
Solutions & Highlights
- Experienced, repeat A10 Borrower owned multiple properties in the market
- Provided a fixed rate bridge loan to refinance both the CMBS and Mezzanine loans
- Loan structured to allow for the release of individual properties
- Upfront reserves collected for tenants improvements/leasing commissions (TI/LC), rollover, and CapEx
- A10 met the year-end close date
- 2-year loan term; 1+1 extension options