Funding Purpose
Tauro Capital Advisors, Inc. was exclusively engaged to place debt for the refinance of a construction note on a retail center located in Riverside, California.
Property Description
The property is a retail, strip center that has space for three tenants. 2 of the spaces are vacant while the 3rd is occupied by a Carl’s Jr. franchise.
Sponsors
The Sponsor has experience in both multifamily and retail investment.
Challenges
- Only 45% of the center was occupied.
- There was no other executed LOI.
Solutions
- Tauro got the lender comfortable with Carl’s Jr. acting as the anchor tenant with a strong franchise guarantee.
- Low leverage request with timeline.
Funding
- Interest Rate: 7.82%
- Amortization: 30 Years
- Term: 10 Years
- Fixed: 5 Years
- Prepayment: No Penalty
- Close Date: 7/9/2024
