Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the acquisition of a Multifamily property located in northern California.
Property Description
The asset consists of 32,000 square feet with a value of roughly $6M. The property features multiple amenities like a swimming pool, laundry, parking, and a large grassy space.
Sponsors
The asset consists of 32,000 square feet with a value of roughly $6M. The property features multiple amenities like a swimming pool, laundry, parking, and a large grassy space.
Challenges
- There were multiple properties being sold for the down leg.
- Poor property management the past 2 years making it difficult underwrite the property.
- Insurance doubled from previous policy.
Solutions
- Marketed this deal prior to closing the last in order to stay on time with the 1031 deadline.
- Analyst organized the P&L’s to send to lender.
- Obtained additional insurance quotes to keep the borrower from putting in extra cash.
Funding
- Loan to Value: 63%
- Interest Rate: 5.9%
- Amortization: 30 years
- Term: 5 years fixed
- Interest Only: 36 months
- Close Date: 3/27/2024
