Tauro Capital’s Stephen Stein and Tony Festa secured $50 million in loans for three separate developers looking to build triple-net-leased (NNN) properties.
The first and largest loan of $25 million was arranged for a Santa Monica-based developer who plans to use the funds for retail properties, including 7-Eleven, Dutch Bros. Coffee, Chick-Fil-A, and Starbucks.
The Second loan secured was a total of $15 million for a western developer. This sum will be used as funding for the development of NNN properties, including O’Reilly Auto Parts, AutoZone, Starbucks, and Circle K.
The third and final loan was secured for a Northern California-based private developer. This $10 million dollar loan will be used to develop NNN properties such as Grocery Outlet, Starbucks, and 7-Eleven. All loans were provided by private lenders with 100% loan-to-cost, freeing up equity.