Sold

Mixed Use / Multifamily, Retail, and Office - Acquisition

SAN DIEGO, CA

$4,400,000

SAN DIEGO, CA

 

Funding Purpose

Tauro was exclusively engaged to find acquisition financing for a historical mixed-use building in San Diego, California

Property Description

Old City Hall building in the Gaslamp quarter of San Diego with Florentine-Italianate architectural style. Consists of retail, office, and residential space inside

Sponsors

Sponsor has a very high net worth with the majority invested in 16 other income producing properties

Challenges

  • Deal was on a strict timeline as this was one part of a multi-property 1031 exchange
  • Sponsor has had some deals go bad in the past 

Solutions

  • Closed with a souther California based credit union that was able to get the deak done in time and place debt despite the couple past deals

Funding

  • Loan Amount (LTV): 60% 
  • Interest Rate: 3.38% 
  • Amortization: 30 Y
  • Term: 5 Y
  • Recourse: Recourse
  • Prepayment: Step Down


Matt Bucaro

Matt Bucaro

TITLE

Senior Director, Capital Advisor

Follow Us On Instagram