Tauro was engaged to place a permanent loan for the acquisition of a multifamily property.
The property is a value add, 81-unit apartment building in the Southeastern, US. The sponsor needed to complete $300,00 of value-add interior and exterior renovations to bring rents to market.
California investment group with a strategy to diversify multifamily holdings geographically to the Southeastern region.
- 70 percent occupancy with extensive deferred maintenance and absentee management.
- Out of state sponsor acquisition of property with extensive deferred maintenance and operating inconsistencies.
- Great term and structure provided by a national credit union.
- Loan Amount (LTV): $2,300,000 (73%)
- Interest Rate: 4.2%
- Amortization: 30 Y
- Term: 15 Y
- Recourse: Non Recourse
- Prepayment: Allowed