Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to initially place common equity, but then transitioned to placing senior debt for the modular construction of a mixed-use development and ground-floor retail.
Property Description
The mixed-use development consists of 125 residential units and 10,000 square feet of ground-floor retail.
Sponsors
The sponsor is experienced in modular construction with three finished projects in the last five years and two more in progress.
Challenges
- There are usually extra steps involved in securing enough funding as modular properties are not considered traditional buildings.
Solutions
- Loan was secured through two lenders that were able to provide favorable terms, meeting the client’s requirements.
Funding
- Loan Amount (LTV): $52,365,000 (subject to change based on updated stabilized value)
- Loan-to-Cost: 85%
- Interest Rate: 8.31%
- Term: 24 Months
