Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance of a 62 U multifamily property with a Freddie Mac SBL. The move places all of the sponsor’s assets under the Fannie Freddie Agency platform.
Property Description
62 Unit value add multifamily asset located in the southern US.
Sponsors
The Sponsor is a successful CRE syndicator acquiring assets in the Midwest and Southeastern parts of the country. He has successfully grown his portfolio from 60 units to just over 450 units with the strategic plan and executed in partnership with Tauro Capital Advisors.
Challenges
- Asset in Non Technical Default with existing credit union lender loan covenants.
Solutions
- Tauro was able to secure an asset refinance through the Freddie Mac Small Balance program, effectively eliminating loan covenant issues surrounding the global DSCR requirement.
Funding
- Loan to Cost: 75%
- Interest Rate: 7.29%
- Amortization: 30 Years
- Term: 5 Years
- Close Date: 3/26/2024
