Tauro Capital Advisors, Inc. was engaged on an exclusive basis to obtain acquisition financing for a multifamily property located in Long Beach, CA.
The asset is a 24-unit multifamily property with some deferred maintenance. Proceeds will be put towards a full interior and exterior renovation.
The sponsor is an LA based real estate investment firm. The partners have over thirty years of investment experience and extended to real estate nearly a decade ago.
- The sponsor is looking for the best terms possible based on the plans for revitalizing the property.
- Funding secured with a national bank that provided great terms based on the location, sponsor experience, and property plans.
- Loan to Value: 75%
- Interest Rate: 4.5%
- Amortization: 30 years
- Term: 10 years
- Recourse: Payment guarantee
- Interest Only: 60 months
- Prepayment: Step-down