Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance of an apartment building got get the rate lowered.
The asset is a 15-unit multifamily property in the southern US that’s fully occupied. There are nine 1-bed units and six 2-bed units.
The sponsor is a lawyer that works in real estate investment on the side. He specializes in multifamily and SFR for rent properties. His financials are solid.
- Rush to close in order to lower prepayment penalty with former lender.
- Sponsor looking to get the rate lowered, and take some cash out.
- Funding secured with a credit union that was able to close on time lowering the prepayment penalty and rate from the former lender.
- Loan to Value: 65%
- Interest Rate: 3.75%
- Amortization: 30 years
- Term: 10 years
- Recourse: Payment guarantee
- Prepayment: Step-down