Multifamily – Acquisition
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Multifamily – Acquisition

Southeastern, US

$2,270,000

Southeastern, US

 

Funding Purpose

Tauro was engaged to place a permanent loan for the acquisition of a multifamily property

Property Description

The property is a value add, 81-unit apartment building in the Southeastern, US. The sponsor needed to complete $300,00 of value-add interior and exterior renovations to bring rents to market

Sponsors

California investment group with a strategy to diversify multifamily holdings geographically to the Southeastern region

Challenges

  • 70 percent occupancy with extensive deferred maintenance and absentee management
  • Out of state sponsor acquisition of property with extensive deferred maintenance and operating inconsistencies

Solutions

  • Great term and structure provided by a national credit union

Funding

  • Loan Amount (LTV): $2,300,000 (73%)
  • Interest Rate: 4.2% 
  • Amortization: 30 Y
  • Term: 15 Y
  • Recourse: Non Recourse 
  • Prepayment: Allowed


Deryl Deese

Deryl Deese

TITLE

Senior Director | Capital Advisor

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