Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive bases to place debt for the refinance and cash-out of a single-tenant industrial property.
Property Description
The asset is a Cummins regional location with nearly 100,000 square feet on 14 acres with 11 years left on the lease. It is valued around $21M and in a strong location.
Sponsors
The sponsorship consists of 2 high net worth individuals in SoCal who started investing decades ago in NNN assets.
Challenges
- Sponsor’s loan was coming due, and the current lender wanted cash in to extend and a 25 year amortization.
Solutions
- Funding secured with a finance provider who was able to provide cash-out on an interest-only loan to bridge the gap until the asset can be sold.
Funding
- Loan Amount (LTV): $12,800,000 (65%)
- Interest Rate: 8.15%
- Term: 3 years
- Recourse: Non-Recourse
- Close Date: 12/28/2023
