Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance and cash out of a property that can be used for a heavy rehab.
Property Description
The asset is a single-tenant industrial property located in the northeastern US. The property is nearly 20,000 square feet and is fully leased.
Sponsors
The sponsor is a general contractor for public works projects with a small portfolio of real estate investments.
Challenges
- The building is in need of more space to become more usable by the tenant.
Solutions
- Funding secured by a small real estate partnership that was able to give the sponsor the proceeds required to rehab and add square footage to the property.
Funding
- Interest Rate: 9.39%
- Amortization: 30 years
- Term: 2 years
- Recourse: Payment guarantee
- Prepayment: Allowed
