Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the acquisition of a multifamily property in Ventura, CA.
Property Description
The asset is a well maintained 8-unit apartment building complex consisting of two 4-plexes on two adjacent lots in a popular area of Ventura.
Sponsors
The sponsor has 27 years of experience investing in commercail real estate. She learned the business as a legal assistant where she worked on a variety of closings.
Challenges
- This property was being acquired through a 1031 exchange, and the deadline was rapidly approaching.
Solutions
- Funding secured with a major bank that was able to get this closed before the deadline with great terms.
Funding
- Loan to Value: 55%
- Interest Rate:4.6%
- Amortization: 30 years
- Term: 10 years
- Recourse: Non-recourse
- Prepayment: Step-down
