Funding Purpose
Tauro Capital Advisors, Inc. was exclusively engaged to place debt for the refinance of 7 Aaron’s Rents retail stores located in the Eastern US.
Property Description
The assets are all under long term NNN leases with Aaron’s Rents. Each one has a minimum of 8,000 square feet. They span many different markets across 5 states.
Sponsors
The sponsor has over 35 years of real estate experience that includes NNN retail and luxury residential across the US.
Challenges
- Sponsor was seeking 10 year fixed rate debt with full term interest only. The properties were discontinuous and had lease turnover within 8 years.
Solutions
- Funding secured with a debt source that was able to refinance the portfolio with great terms.
Funding
- Loan Amount (LTV): $5,230,000 (53%)
- Interest Rate: 4.60%
- Term: 10 year (interest only)
- Recourse: Carve-outs
- Interest Only: 120 months
- Prepayment: Yield maintenance
