BOISE, Idaho, July 23, 2014 (GLOBE NEWSWIRE) -- A10 Capital,( http://a10capital.com/) a full service nationwide lending business (http://a10capital.com/solutions) specializing in small to middle market commercial real estate loans, (http://a10capital.com/featured-transactions) announced today that they completed a lease-up facility with post-closing flexibility for 4 buildings in Tampa FL, including the office space for Media 3D Solutions, which recently won the "Coolest Office Space Award" from the Tampa Bay Business Journal.
The Tampa Bay Business Journal named Media 3D Solutions the winner of its 2014 Coolest Office Space award. What does A10 Capital, a non-recourse bridge lender, have to do with Tampa's coolest office space? The answer is a lease-up facility and post-closing flexibility to fund the costs of the new Media 3D Solutions' office space.
Taurus Southern Investments, a real estate investment firm based in the Orlando, FL area, acquired the building in which Media Lab 3D now resides as part of a portfolio purchase of four value-add properties at the end of 2012. At the time of the acquisition, the building was only 34% occupied. A10 Capital (http://a10capital.com/about/overview) made a loan to finance the acquisition and structured a future funding facility for the lease-up costs to help Taurus execute its business plan to re-stabilize the buildings.
Jeff K. McFadden, Managing Director for Taurus, commented, "We negotiated a lease agreement with Media Lab 3D in November, 2013. They are an exciting and growing company that needed additional space and we knew they would make a solid anchor tenant in our Oakview Center property. In partnership and through concept directives by our Tenant, we designed the Media Lab space and served as manager of the bid and construction process. At this point, they realized that leasing activities were outpacing our business plan projections and we needed a larger TI/LC facility than originally expected. We contacted our A10 Capital team to propose an increase to our TI/LC facility. A10 considered their request immediately and approved a significant increase to their TI/LC facility in less than 30 days. The additional funding allowed us to complete the Media Lab build-out on schedule and without having to call in more expensive equity."
Chuck Taylor, A10 Capital's EVP of Southeast markets, who structured and closed the original 2012 loan as well as the recent amendment to increase the loan, said, "Taurus has been an extraordinary client. They've exceeded our expectations in their stabilization plan and we had no issues increasing the TI/LC facility post-closing."
Media Lab 3D is a provider of 3D rendering and animation for product design and architectural design. Entry into the Tampa Bay Business Journal's Coolest Office Space contest was submitted on the building's behalf by the Tenant. The award-winning design features open spaces for Media Lab employees to collaborate on projects and digital murals on the walls that evoke comic book action scenes in the employee kitchen/break room as well as more serious themes in the main portion of the office.
About A10 Capital
Value-add real estate investors rely on A10 Capital to provide non-recourse financing on un-stabilized and distressed commercial properties across the United States. A10 Capital features flexibility, certainty and fast loan closings, and our satisfied clients have made A10 the most active lender in the small- to mid-market bridge loan space ($1 million to $20 million). A10's platform incorporates focused origination, speedy underwriting and legal review, competitive pricing and terms, and in-house servicing for the life of the loan. An innovator in the industry with a scalable funding model, A10 is backed by the $15 billion global private equity firm H.I.G. Capital and a Fortune 500 insurance company. We are based in Boise and Dallas and have regional offices in Annapolis, Atlanta, Cleveland, Kansas City, Newport Beach, New Jersey, New York, Philadelphia, and San Francisco. For more information, please visit us at www.a10capital.com.
For Further Information Contact: Cathy Clarke CNC Associates O: 508-833-8533 C: 617-527-2089