Grocery Outlet – NNN Development
Sold

Grocery Outlet – NNN Development

Taft, CA

$5,400,000

Taft, CA

 

Funding Purpose

Provide 100% Loan-to-Cost Construction financing for single-tenant grocery store enabling sponsor to increase development capacity and eliminate the need to raise capital

Property Description

New 18,000 square foot location for Grocery Outlet in Taft, CA

Sponsors

Experienced California-based developer with a strong track record of build to suit developments

Challenges

  • 100% Loan to Cost request
  • Condensed Closing timeline
  • COVID-related concerns surrounding high-leverage retail requests

Solutions

  • Sourced loan facility from capital provider with whom Tauro has closed over 30 transactions with
  • Organized all due diligence up front
  • Expedited Closing timeline through coordinated communication with Lender

Funding

  • Loan Amount (LTV): $5,500,000 (100% LTC) 
  • Interest Rate: 10.55%
  • Points: 1%in
  • Term: 12 months, 1-six month extension
  • Guarantee/Recourse: Completion Guarantee
  • Prepayment: Minimun Yield of 8.75%


Tony Festa

Tony Festa

TITLE

Director | Capital Advisor

Follow Us On Instagram