Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance of a multifamily property in Pasadena, CA.
The asset is an 8-unit garden-style walk-up apartment building with a pool. 6 of the 8 units are newly renovated. The location is central to many public amenities.
The sponsor is a high net worth individual with a successful real estate track record spanning 2 decades. His current portfolio consists of 5 properties.
- Sponsor looking for best terms possible to help cash flow in his portfolio.
- Funding secured with a major bank that was able to give the client great terms.
- Loan to Value: 55%
- Interest Rate: 4.5%
- Amortization: 30 years
- Term: 5 years
- Recourse: Carve-outs
- Prepayment: Step-down