$8,800,000
West Palm Beach, FL
Transaction Type
Acquisition
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Two Class B suburban office buildings
- Buildings were connected to a 219-room hotel (separate from the collateral)
- Property was part of a condominium structure with office and hotel interests at 50% each
- 34.4% occupied at closing
- Property was acquired out of receivership
- Sponsor was sensitive to rising interest rates
Solutions & Highlights
- Structured over $3 million in future facilities to address vacancy issues and capital expenditure needs during the loan term
- Sponsor was a repeat borrower of A10 with experience in commercial condominium structures
- Forward interest rate lock provided
- 3-year fixed-rate term plus extensions