Funding Purpose
Provide 100% Loan-to-Cost Construction financing for single-tenant grocery store enabling sponsor to increase development capacity and eliminate the need to raise capital
Property Description
New 18,000 square foot location for Grocery Outlet in Taft, CA
Sponsors
Experienced California-based developer with a strong track record of build to suit developments
Challenges
- 100% Loan to Cost request
- Condensed Closing timeline
- COVID-related concerns surrounding high-leverage retail requests
Solutions
- Sourced loan facility from capital provider with whom Tauro has closed over 30 transactions with
- Organized all due diligence up front
- Expedited Closing timeline through coordinated communication with Lender
Funding
- Loan Amount (LTV): $5,500,000 (100% LTC)
- Interest Rate: 10.55%
- Points: 1%in
- Term: 12 months, 1-six month extension
- Guarantee/Recourse: Completion Guarantee
- Prepayment: Minimun Yield of 8.75%
