Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a loan for the acquisition of a Tesla service center in the western US.
The asset is an industrial, built-to-suit property for Tesla with supercharging capability. Construction was completed in March, and a 10 year lease commenced.
The partnership is heading by a prominent residential real estate agent in Beverly Hills. The entity has $16 million in 1031-exchange proceeds.
- Property subject to 1031-exchange deadline.
- Funding secured with a large credit union that was able to get the deal closed on time with a reasonable interest rate during uncertain market conditions.
- Loan Amount (LTV): $10,600,000 (60%)
- Interest Rate: 3.75%
- Amortization: 30 years
- Term: 10 years
- Recourse: Non-recourse
- Interest Only: 24 months
- Prepayment: No penalty