Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt on the refinance of a strip mall located in La Puente, CA.
The property is a 20-unit strip mall. Fifteen tenants currently occupy 20 of the units, and they pay all expenses except management. The average suite is 2,500 SF.
The sponsor is the widow of a real estate investor who was left commercial real estate assets. Her financials are strong.
- The sponsor did not know much about the properties or real estate investment.
- Tauro was able to educate her on real estate and provide advice that helped tremendously.
- Funding secured with a credit union that was able to get the sponsor great terms.
- Loan to Value: 60%
- Interest Rate: 3.75%
- Amortization: 30 Years
- Term: 10 Years
- Recourse: Payment guarantee
- Prepayment: No penalty