Funding Purpose
Tauro was exclusive engaged to assist a fast-growing sponsor in the acquisition of a Multifamily Property located in the Southeast United States. Tauro provided the sponsor access to friendly capital and sponsor access to friendly capital and arranged $7M in Preferred Equity as part of a $35M total capitalization.
Property Description
The property is a 332-unit multifamily asset in need of renovations.
Sponsors
The sponsor will purchase the property, reposition the asset in the marketplace including management improvements and implementing an $5M renovation. This will be the Sponsors first investment with institutional equity and will allow for the Sponsor to grow their acquisitions and portfolio on a systematic basis moving forward.
Challenges
- Upcoming escrow expiration date
- Maximize sponsor returns
- Emerging Sponsor
- Secondary market
Solutions
- Sourced equity that provided assured closing
- Created a market among equity providers to negotiate best possible deal terms
- Identified friendly capital that had flexibility to work with Sponsor
- Assisted in sourcing co-gp’s providing project support
- Sourced equity that is investing in the region and sub-markets
Funding
- $7M Preferred Equity
- Details confidential
- Contact for more information
