|Dealmaker of the Day|
|Tucker, Michael--Nov. 8, 2013|
A10 Capital, Boise, Idaho, funded three bridge loans totaling $6 million for North Carolina and Arizona assets.
The firm funded two non-recourse loans of $2.4 million and $1.2 million for two Class B student housing apartment communities near the University of North Carolina-Greensboro.
“The sponsor, PRAGMA Investments, had already been approved by A10 on the larger [$2.4 million] loan when they won the bid via online auction on the other student housing property,” said A10 Capital executive vice president Chuck Taylor, who structured and closed both loans. A10 closed the larger loan in September and the smaller less than a month later.
A10 also provided $2.4 million under tight time constraints for a Phoenix-area warehouse property. Jim Pierson, principal at Legacy Capital Advisors, Phoenix, originated the non-recourse bridge loan, secured by two Class B warehouse buildings.
“We were faced with a firm deadline on the purchase contract and ended up closing the loan in 24 business days,” Pierson said.
A10 executive vice president Kyle Knox, who structured and closed the loan, said a prior absentee owner had deferred property repairs and maintenance. “The sponsor plans to immediately complete all deferred maintenance items, which will dramatically improve marketability and create goodwill with the current tenant,” he said.