- Refinance of a student housing property located at a university with enrollment of ~12,000.
- A10’s borrower bought the note and subsequently foreclosed a few years prior.
- Prior owner mismanaged and neglected the property.
- ~58% occupied as a result of COVID-19 pandemic.
- 30% of the units in need of upgrades.
- 3-year bridge loan with future facility for unit and common area improvements.
- Performance earn-out facility to be distributed upon execution of business plan.
- Non-recourse and interest-only execution.
- No hold-back for debt service required.