Hartford Apartments – Cash-Out Refinance

South, US

$1,400,000

Funding Purpose

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.

Property Description

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.

Sponsors

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.

Challenges

  • Rush to close in order to lower prepayment penalty with former lender.
  • Sponsor looking to get the rate lowered, and take some cash out.

Solutions

  • Funding secured with a credit union that was able to close on time lowering the prepayment penalty and rate from the former lender.

Funding

  • Loan to Value: 65%
  • Interest Rate: 3.75%
  • Amortization: 30 years
  • Term: 10 years
  • Recourse: Payment guarantee
  • Prepayment: Step-down

Senior Director  | Capital Advisor

310-426-8080

ajohnston@taurocapitaladvisors.com