Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to obtain acquisition financing for a multifamily property located in Long Beach, CA.
Property Description
The asset is a 24-unit multifamily property with some deferred maintenance. Proceeds will be put towards a full interior and exterior renovation.
Sponsors
The sponsor is an LA based real estate investment firm. The partners have over thirty years of investment experience and extended to real estate nearly a decade ago.
Challenges
- The sponsor is looking for the best terms possible based on the plans for revitalizing the property.
Solutions
- Funding secured with a national bank that provided great terms based on the location, sponsor experience, and property plans.
Funding
- Loan to Value: 75%
- Interest Rate: 4.5%
- Amortization: 30 years
- Term: 10 years
- Recourse: Payment guarantee
- Interest Only: 60 months
- Prepayment: Step-down
