Tauro Capital Advisors was engaged on an exclusive basis to place a loan for the acquisition of a recently stabilized apartment building.
The 23,000 SqFt asset consists of 24 fully occupied, luxury units. The sponsor plans to add value by self-managing the building getting rid of payroll expenses.
The sponsor is an experienced multifamily investor with strong financials and over 35 years in the industry. He is also experienced in renovation and property management.
- This acquisition a 1031 exchange creating a tight deadline to get this property closed
- Sponsor looking for long term, non recourse, maximum interest only.
- Funding secured with multifamily lender that was able to give the sponsor everything they were asking for.
- Loan to Value: 65%
- Interest Rate: 4.02%
- Amortization: 30 years
- Term: 20 years
- Recourse: Carve outs
- Interest Only: 36 months
- Prepayment: Allowed