Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive to place a fixed rate loan for the acquisition of a Multifamily property located in the Southeast.
Property Description
The property consists of 64 units totaling 52,000 SqFt. There in strong in-place income with additional value-add potential. The 7 buildings were built in the 70s.
Sponsors
The sponsor is a development company with years of investment and value-add experience in multifamily properties.
Challenges
- Sponsor looking for great terms that include non recourse, and longest term and amortization possible.
Solutions
- Funding secured with a national direct lender that specializes in debt capital for the multifamily industry which was able to provide great terms for this property.
Funding
- Loan Amount (LTV): 65%
- Interest Rate: 4.32%
- Amortization: 30 years
- Term: 15 years
- Recourse: Non Recourse
- Prepayment: Yield Maintenance
