Greensboro, N.C. — PRAGMA, a regional investment firm specializing in turnaround projects, will use the more than $3 million to acquire, re-brand and reposition the class B properties.
Greensboro, N.C. — A10 Capital, a lending business specializing in small to middle market commercial real estate loans, has funded two non-recourse bridge loans of $2.4 million and $1.6 million for the acquisition of two student housing complexes near the University of North Carolina, Greensboro, for PRAGMA Investments. PRAGMA focuses on value-add acquisitions that can be re-adapted to a college lifestyle brand. The commercial mortgage is secured by the two class B properties at approximately 64 percent average leverage. The proceeds of the loans were used to fund the acquisition of the properties as well as committed funds for future capital expenditure facilities. Both transactions were structured on a non-recourse basis. A10 Capital Executive Vice President Chuck Taylor structured and closed both loans.