Source: A10 Capital / #RealEstate #Finance
NEW YORK, NY - A10 Capital, a full service nationwide lending business specializing in small to middle market commercial real estate loans announced today that it has funded a $3.6 million non-recourse bridge loan for a multi-family complex located in Bronx, New York.
The commercial mortgage is secured by a mid-rise rent stabilized apartment building and provided approximately 50% leverage. The proceeds were used to recapitalize their recent purchase of this asset through Auction.com.
Alisha Hill, Senior Vice President at A10 Capital, who structured and closed the loan, said, “The sponsor is an experienced investor specializing in acquiring and rehabilitating multifamily properties nationwide. They needed a lender willing to provide financing on a property acquired through a successful bid on Auction.com who could be nimble in addressing significant hurdles typical to this market. As the property is located in a Bronx neighborhood experiencing strong revitalization, A10 Capital understood the potential for further development and repositioning in this area, and was able to structure non-recourse debt tailored to the requirements of the borrower’s business plan.”
This loan represents the first foray into the New York City housing market by the sponsor, whose portfolio includes assets in other major U.S. metropolitan areas.