Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place acquisition financing on a multifamily property located in Inglewood, CA.
Property Description
The asset is 6-unit multifamily building. Each unit is 2 bed, 2 bath totaling nearly 7,000 SF on a 19,000 SF lot. The property in non-rent control.
Sponsors
The sponsor is a couple that’s been investing in single and multifamily residential properties for decades. This purchase is part of a 1031 exchange.
Challenges
- The property has deferred maintenance that needs to be taken care of.
Solutions
- Funding secured with an investment group that was able to give the client good terms.
- After maintenance is taken care of, rents will be raised to market rate.
Funding
- Loan to Value: 65%
- Interest Rate: 4.37%
- Amortization: 30 years
- Term: 10 years
- Recourse: Carve outs
- Prepayment: Allowed
