$10,000,000
San Francisco, CA
Transaction Type
Cash-out Loan Refinance
Non-Recourse
Loan Type
Permanent Loan
Situation & Challenges
- Studio and one-bedroom floor plans only
- A Housing Assistance Program (HAP) contract from the Department of Housing and Urban Development (HUD) subsized these residential units, which had a 62+ age restriction
- CapEx improvements were necessary during the loan term
Solutions & Highlights
- A10 structured a creative CapEx reserve for repairs and modernization of the building
- A Housing Assistance Payments (HAP) contract was renewed for a 20-year term, ensuring income stability beyond the loan term
- 7-year term, 30-year amortization schedule