Funding Purpose
Tauro Capital Advisors, Inc. was engaged to place debt for the acquisition of a retail property that the sponsors plan to refinance immediately for further investments.
Property Description
Dollar General was relocated to this built-to-suit location in 2021 to offer a plus-size store prototype with 11,000 SF. The lease is in place for 15 years.
Sponsors
The sponsors are experienced commercial real estate investors with a current portfolio of two retail and industrial properties in California, and they want to expand.
Challenges
- This purchase is part of a 1031-exchange from the sale of a multi-tenant retail asset, so the closing for this property was on a tight deadline.
Solutions
- Funding secured with a national bank that could meet the deadline.
Funding
- Loan to Value: 65%
- Interest Rate: 3.54%
- Amortization: 30 Years
- Term: 10 Years
- Recourse: Non-recourse
- Prepayment: No penalty
