Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place a loan for the acquisition of a Dollar General.
Property Description
This asset is a fully leased and stabilized NNN retail property located less than half a mile from a major intersection and shopping center with large retail stores.
Sponsors
The Sponsor is an experienced real estate investor with a diverse portfolio of retail, office, and land assets including 4 Dollar Generals. The Sponsor is purchasing the property using 1031-exchange proceeds from the sale of an older Dollar General location.
Challenges
- Up against 1031-Exchange deadline.
- Small town with no zoning report available.
- Rising interest rate environment.
Solutions
- Secured prior to 1031-exchange deadline.
- Able to push title to accept zoning map and listed uses as alternative.
- Rate locked at time of signed term sheet.
Funding
- Loan to Value: 60%
- Interest Rate: 3.58%
- Amortization: 30 years
- Term: 10 years
- Prepayment: No prepayment
