Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place the debt for the acquisition of a Dollar General location in the southern US.
Property Description
The Built-to-Suit Dollar General executed a 15-year absolute NNN lease that commenced in early 2022 with a corporate guarantee. It is located right off a major highway.
Sponsors
The Sponsor is an experienced real estate investor with a commercial real estate portfolio worth more than $4.6M. Borrower is looking to expand their NNN retail portfolio with credit long term lease properties.
Challenges
- Tertiary market (1,300 population)
- Foreign registration issues
- Borrower needed minimal fees
Solutions
- Mitigated concerns with tenant credit and borrower strength
- Worked with Attorneys & the Secretary of State to find a work around
- Increased loan proceeds to cover Third Party costs
Funding
- Loan To Value: 56%
- Interest Rate: 6.67%
- Term: 10 Years
- Amortization: 30 Years
- Prepayment: No Penalty
- Close Date: 2/29/2024
