Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place debt for a cash-out refinance of a property located in Van Nuys, CA.
Property Description
The property is a well-located, single tenant industrial asset. It was purchased in 2019 and has had $150K in capital expenditures. It’s been leased by an autobody shop.
Sponsors
The sponsor is an avid multifamily investor with a substantial portfolio. His portfolio consists of 245 units valued at $55MM.
Challenges
- Sponsor looking for maximum cash out, so he can purchase another property next year.
- No experience with industrial, but investment experience and works in real estate.
Solutions
- Funding done with an institutional lender offering him great terms based on experience.
- The cash out he was given has allowed him to begin searching for his next investment.
Funding
- Loan to Value: 60%
- Interest Rate: 4.25%
- Amortization: 25 years
- Term: 5 years
- Recourse: Full recourse
- Prepayment: Allowed
