Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a bridge loan for the refinance of a large retail center located in Pico Rivera, CA.
Property Description
The property was purchased by the sponsor in 2007 and has had no vacancies since 2016. Located in a good place next to other major retailers.
Sponsors
The sponsor is an experienced real estate investor and developer with over 35 years of retail value-add experience with strong financials.
Challenges
- The sponsor wants a bridge loan in order to split the property and sell the corner parcel.
- The original lender traded this project last minute.
Solutions
- Funding sourced quickly with a debt fund that was able to offer similar terms and close in 6 days to help the sponsor with his timeline.
Funding
- Loan Amount: $9,570,000
- Interest Rate: 6.24%
- Interest Only: 24 months
- Term: 2 years
- Recourse: Non recourse
- Prepayment: Allowed
