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$9,400,000 | Rochester Hills, MI building

$9,400,000
Rochester Hills, MI

Transaction Type

Recapitalization

Non-Recourse

Loan Type

Bridge Loan

Situation & Challenges

  • Recapitalization of a recent acquisition
  • 58.4% occupancy at closing
  • Junior anchor space was vacant
  • Sponsor purchased center out of bank real estate owned (REO) property
  • Tenant improvement/leasing commission (TI/LC) and rollover facilities were needed to address vacancy and lease-up to stabilize the property

Solutions & Highlights

  • Property was anchored by a major national tenant and several national in-line tenants
  • A10 structured over $700,000 in TI/LC and rollover facilities
  • Property had two pending letters of intent (LOIs) from new tenants at time of closing
  • Property was well located with access to a major thoroughfare
  • 3-year fixed rate loan term plus extensions