|Dealmaker of the Day|
|Tucker, Michael--Mar. 11, 2014|
A10 Capital, Boise, Idaho, funded two bridge loans totaling $16.5 million for assets in West Palm Beach, Fla. and Norcross, Ga.
Chuck Taylor, executive vice president with A10 Capital in Atlanta, structured a $5 million bridge loan for a Class B mid-rise suburban office building with a restaurant outparcel building in West Palm Beach.
“The borrower is a local experienced investor and operator of office properties,” Taylor said. “They needed a lender who could commit to a 30-day close.” Taylor added that the borrower has a business plan in place to increase occupancy from its current 69 percent.
Jason Hochman, vice president with CBRE’s Miami office, arranged the 65 percent loan-to-value financing. Proceeds from the non-recourse loan funded both acquisition and future tenant improvement/leasing commission facilities.
Taylor also structured an $11.5 million bridge loan for PointOne Holdings, Hollywood, Fla., to acquire a Norcross apartment community.
“We’ve had the opportunity to finance PointOne Holdings previously on another multifamily turn-around asset in metro Atlanta,” Taylor said. “With this property, we feel that POH is getting a good solid asset at great pricing with a strong value-add story.”
The 70 percent loan-to-value non-recourse loan funded PointOne Holdings’ acquisition and also committed funds for future capital expenditures, Taylor said.