$9,400,000
Rochester Hills, MI
Transaction Type
Recapitalization
Non-Recourse
Loan Type
Bridge Loan
Situation & Challenges
- Recapitalization of a recent acquisition
- 58.4% occupancy at closing
- Junior anchor space was vacant
- Sponsor purchased center out of bank real estate owned (REO) property
- Tenant improvement/leasing commission (TI/LC) and rollover facilities were needed to address vacancy and lease-up to stabilize the property
Solutions & Highlights
- Property was anchored by a major national tenant and several national in-line tenants
- A10 structured over $700,000 in TI/LC and rollover facilities
- Property had two pending letters of intent (LOIs) from new tenants at time of closing
- Property was well located with access to a major thoroughfare
- 3-year fixed rate loan term plus extensions