Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance of a retail property located in Berkeley, CA.
The asset is a retail property designed to be a food truck court. There are three buildings and 11,000 squre feet of open space for the court in a gentrifying area.
The sponsor has 15 years of experience in managing distressed properties, development, and construction. He’s overseen 20 projects.
- Sponsor looking for proceeds to renovate the area to cater towards a new crowd.
- Funding secured with a major bank even though it’s a unique asset, and great terms were given.
- Loan to Value: 70%
- Interest Rate: 5.25%
- Amortization: 25 years
- Term: 10 years
- Recourse: Non-recourse