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Situation/Challenges
  • Property had history of crime at location.
  • Property needed extensive Capex improvements to reposition the property in the market.
  • Leasehold with State Agency technically owning the fee interest (for tax benefits).
  • Borrower had a hard closing date.
Solutions/Highlights

 

  • The Sponsor had a successful track record of turning around properties with crime history.
  • A10 got comfortable that the property was in a good location.
  • A10 financed extensive Capex improvements to address amenity upgrades and deferred maintenance issues.
  • A10 was able to get comfortable with State Agency Leasehold.