Funding Purpose
Tauro Capital Advisors, Inc. was engage on an exclusive basis to place debt for the refinance of a multifamily property located in Long Beach, CA.
Property Description
The asset is a nine unit multifamily building built in 1963 with all newly renovated units. It’s a garden-style, walk-up complex with garage parking.
Sponsors
The sponsor is a California based, real estate investment firm LLC operated by industry professionals with about a decade of experience.
Challenges
- Sponsor looking to lower rate to have more cash available for investments.
Solutions
- Funding secured through a major national bank that was able to give the sponsor what they were looking for.
Funding
- Loan to Value: 70%
- Interest Rate: 4.39%
- Amortization: 30 years
- Term: 5 years
- Recourse: Payment guarantee
- Interest Only: 36 months
- Prepayment: Step-down
