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Situation/Challenges
  • Two class B suburban office buildings
  • Buildings are connected to a 219-room hotel (which is not part of the collateral)
  • 34.4% occupied at closing
  • Property is part of a condominium structure with office and hotel interests each at 50%
  • Property has been in receivership since 2015
  • Sponsor sensitive to rising interest rates
Solutions/Highlights
  • Structured over $3 million in future facilities to address vacancy issues and capital expenditure needs during the loan term
  • Sponsor is a repeat borrower of A10 with experience in commercial condominium structures
  • Forward interest rate lock provided
  • Non-recourse
  • Fixed-rate bridge loan with a 3-year term plus extensions