Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place a loan for the acquisition of a NNN Del Taco location in Santa Ana, CA.
Property Description
The retail property is roughly 2,000 square feet, and Del Taco has leased it since 2012 with an extension that just renewed. Located at a busy intersection.
Sponsors
The sponsor is an experienced real estate investor with both multifamily and NNN holdings. Sponsor has a high net worth and liquidity.
Challenges
- Sponsor looking to use 1031-exchange proceeds from the sale of a $10MM multifamily property to purchase several NNN properties.
Solutions
- Funding secured with a large credit union who was able to give the sponsor a low interest rate which was his top priority.
Funding
- Loan Amount (LTV): 50%
- Interest Rate: 3.61%
- Amortization: 30 Y
- Term: 10 Y
- Recourse: Full Recourse
- Prepayment: No Penalty
