Funding Purpose
Tauro was exclusively engaged to place a loan for the acquisition of three gas station/retail NNN properties in Louisiana to be renovated.
Property Description
Gas stations complete with pumps and a retail store store all of which are to be updated. NNN lease has been signed on all properties.
Sponsors
The sponsor company was founded in 2013 and has acquired over $140 million in CRE investments.
Challenges
- Clients goal was to obtain highest leverage possible at the lowest rate.
- Sponsor has CRE investment experience but not with gas stations.
Solutions
- Funding with a bank that was able to get great terms for the sponsor. Real estate experience as a whole was shown to outweigh the lack in gas station experience.
Funding
- Loan to Value 70%
- Interest Rate: 4.5%
- Amortization: 20 years
- Term: 10 years
- Recourse: Non-recourse
- Interest Only: 6 months
