Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance and cash out of a retail property located in Azusa, CA.
Property Description
The property is in a strong location with mostly long-standing tenants. The asset provides strong collateral for a low-leverage loan.
Sponsors
The sponsors have been the owners of a distribution company for over 20 years. Together, they have strong financials.
Challenges
- Recent tenant vacancies made the capital sourcing process slightly more difficult.
Solutions
- Funding secured with a national bank, and the sponsor got the maximum amount in proceeds.
- Tauro analysts underwrote the vacancy to keep lenders apprised.
Funding
- Loan to Value: 50%
- Interest Rate: 5.75%
- Amortization: 30 years
- Term: 10 years
- Recourse: Non-recourse
- Interest Only: 36 months
- Prepayment: Step-down
