Tauro Capital Advisors was engaged on an exclusive basis to place a perm loan for the acquisition of a 12-unit multifamily asset in Fresno, CA utilizing 1031-exchange proceeds.
All 12 units are fully occupied with current rents slightly below comparable properties and market rent.
The sponsor is an experienced commercial real estate investor with a diverse portfolio of multifamily, office, industrial, and SFRs for rent all in Fresno, CA.
- Borrower had filed taxes on extension and sought timely closing
- Current market conditions constrained LTV and increased pricing
- The borrower’s investment strategy was to pay off the loan ahead of maturity
- Tauro sourced debt from a bank without prepayment penalties
- Funding approved within 30 days followed by rushed appraisal and closing
- Loan-to-Value: 80%
- Interest Rate: 6.00%
- Amortization: 25 Years
- Term: 10 Years
- Prepayment: No Penalty