LADERA RANCH, CA – December 23, 2015 – G8 Capital (g8cap.com) announced today that it has recently closed on a new $7.9 million loan for the Floriland Center in Tampa, FL.
In September 2014, G8 Capital acquired a non-performing $16.5 million loan from an international bank secured by a 161,000 square feet office retail/office property in Tampa, Florida.. G8 Capital negotiated a mutually acceptable deed-in-lieu of foreclosure with the borrower that was completed in March 2015
Upon takeover, G8 Capital was able to increase and stabilize the assets value by securing a new 7-year lease with the properties major tenant, Ultimate Medical Academy, which included an approximately 40,000 square foot expansion. In addition, G8 Capital was able to add two new tenants, increasing the overall occupancy to 90%
“G8 Capital brought a fresh set of capabilities to the asset and we were able to capitalize on an underserved property” said Evan Gentry, president and CEO of G8 Capital. “We have been able to solidify and expand the anchor tenant as well as complete much needed and beneficial capital projects to increase the appeal of the project”
Axilla Capital represented G8 Capital in the loan transaction and ReadyCap Commercial provided the financing.
G8 Capital has managed more than 65 portfolio acquisitions, representing more than $800 million in residential/commercial loans and REO properties, primarily from large U.S. banks, regional banks and government agencies. G8 Capital’s management team has collectively managed more than $10 billion in real estate-related transactions spanning several decades.
G8 Capital makes careful risk-adjusted investments, preserving the interest of investors, while striving to create significant capital appreciation through the careful restructuring, repositioning, intensive servicing and management of both residential and commercial assets.
For more information about G8 Capital, visit www.g8cap.com .
About G8 Capital G8 Capital ( www.g8cap.com ) is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions, government agencies and other sellers that are looking to get fair value and timely execution. Visit g8cap.com for more information.