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$8,800,000 | West Palm Beach, FL building

West Palm Beach, FL

Transaction Type



Loan Type

Bridge Loan

Situation & Challenges

  • Two Class B suburban office buildings
  • Buildings were connected to a 219-room hotel (separate from the collateral)
  • Property was part of a condominium structure with office and hotel interests at 50% each
  • 34.4% occupied at closing
  • Property was acquired out of receivership
  • Sponsor was 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 was a repeat borrower of A10 with experience in commercial condominium structures
  • Forward interest rate lock provided
  • 3-year fixed-rate term plus extensions