NNN Car Wash – Acquisition
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NNN Car Wash – Acquisition

Southern, US

$2,275,000

Southern, US

 

Funding Purpose

Tauro was exclusively engaged to place debt on the acquisition of this single tenant net lease car wash.

Property Description

Newly built car was with a signed 20 year absolute NNN lease that began in late 2019 with 1% annual rent escalation in the Southern, US.

Sponsors

Experienced Real Estate investor with  multiple low-leveraged NNN assets in his portfolio. Utilizing 1031 exchange proceeds for the purchase.

Challenges

  • 1031 timeline required a quick close.
  • Client had specific financing and property requirements to make sure this would be a good addition to his portfolio.

Solutions

  • Financing from a credit union that gave him the best terms out of multiple other sources.
  • Non-recourse was high on the priority list, and his lender was able to fulfill.

Funding

  • Interest Rate: 4.2%
  • Amortization: 30 years
  • Term: 10 years
  • Recourse: Non-recourse
  • Prepayment: Allowed


Matt Bucaro

Matt Bucaro

TITLE

Senior Director | Capital Advisor

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