A10 Capital has 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 is located in Miami's Wynwood corridor and close to the I-195 North Miami Avenue exit and the future Wynwood Brightline station.
Tommy Mello, Executive Vice President, led Boise-based A10 in this refinance of a matured construction loan.
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The Gateway at Wynwood is 57% leased so the loan was structured as a three-year bridge with $11 million of future TI/LC facilities to cover costs on the remaining vacant space. Importantly, the loan was non-recourse despite having a DSCR less than 1.0x.
Brokers Charles Foschini, Robert Ludice, and Chris Apone of Berkadia represented the sponsor, R&B Realty.
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