Funding Purpose
Tauro Capital Advisors, Inc was engaged on an exclusive basis to place a loan for the refinance of a multifamily property located in Long Beach, CA.
Property Description
The asset consists of 9 units spread across 7,500 SF. The refinance is to replace the current floating rate debt with cash out to renovate the 1 bed units.
Sponsors
The Sponsor is an LLC headed by a couple who have been investing in multifamily real estate for 20 years. Their current portfolio has 3 properties valued at $5.5M.
Challenges
- After the Sponsor’s floating rate jumped to over 8%, they wanted to refinance as quickly as possible.
Solutions
- Funding secured with an international bank that was able to close and fund quickly meeting the desired terms.
Funding
- Loan to Value: 40%
- Interest Rate: 6.41%
- Term: 30 Years, Fully Amortized
- Prepayment: Step-down
- Close Date: 9/13/2023
