A10 Capital Funds $113 Million Bridge Loan for a Class A Office Building in Miami, FL

MIAMI--()--A10 Capital, a CRE lending business that provides permanent and bridge loans nationwide, announced that it closed a $113 million bridge loan to refinance a construction loan on a 224,880-square-foot, Class A office in the Wynwood sub-market of Miami, FL.

The primary collateral is a newly constructed office called The Gateway at Wynwood located at 2916 N. Miami Avenue. The Property’s location is a key component to its appeal, lying in Miami’s gentrifying Wynwood corridor and close to both the I-195 North Miami Avenue exit and the future Wynwood Brightline station. The properties are a short distance to more than 100 restaurants and bars, about 40 retail shops, 15 art galleries and 22 event spaces.

Tommy Mello, Executive Vice President, led Boise-based A10 in this refinance of a matured construction loan. “We are excited to lend on one of the highest quality office buildings in Wynwood and currently one of the best performing office submarkets in the country. We are grateful for both the Berkadia team and R&B Realty trusting A10 to get this complicated loan closed during these unprecedented times,” Mello said.

The property is 57% leased so the loan was structured as a three-year bridge with $11 million of future TI/LC facilities to cover future tenant improvement and leasing commission costs on the remaining vacant space. Importantly, the loan was non-recourse despite having a DSCR less than 1.0x.

“Founded during the Great Financial Crisis (GFC), A10 has actively funded loans when other lenders were on the sidelines, including during the taper tantrum, Covid-19, and this current frozen market. This $100+ million bridge loan on an out of favor office sector is proof of A10’s deep capabilities and speaks to our DNA,” said Jerry Dunn, Co-Founder and President of A10 Capital.

Broker’s Charles Foschini, Robert Ludice, Chris Apone of Berkadia represented the sponsor, R&B Realty. “Fortunately, we found A10 Capital. They were able to execute an innovative loan structure in an otherwise difficult financing market that provided ample capital for the future leasing success of this phenomenal asset,” said Charlies Foschini, Senior Managing Director of Berkadia.

About A10 Capital

Founded in Boise, Idaho in 2007, A10 Capital is a vertically integrated, full service, direct bridge, and permanent commercial real estate lender. The firm focuses on financing $5 million to $50 million+ per property and portfolio loans up to $200 million nationwide. A10 originates and services all loans in-house by A10. Since its inception, A10 has financed over 550+ individual transactions, totaling over $5.3 billion in senior secured bridge and permanent loans across 40 U.S. States. For more information, visit www.a10capital.com.

Contacts

Erik Hamilton
Connect CRE
ehamilton@connectcre.com
714-915-8321

Contacts

Erik Hamilton
Connect CRE
ehamilton@connectcre.com
714-915-8321