Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a loan for the refinance of a five-tenant retail center in Ventura, CA.
Property Description
The 25,500 SF retail center is 100% occupied and will remain that way until at least 2028. It was built in 1978 directly off Main street with exceptional visibility.
Sponsors
Sponsorship is held in an LLC under two experience commercial real estate investors each with over 20 years of experience across multiple states and property types.
Challenges
- Coordinating with the anchor tenant to secure their C of O as the completed TIs.
- Ensuring all tenants submitted their SNDAs and estoppels.
Solutions
- Keeping the Sponsor in constant contact with the anchor tenant.
- Retrieving physical copies of the SNDAs and estoppels to ensure a safe and timely arrival.
Funding
- Interest Rate: 7%
- Amortization: 30 Years
- Term: 5 Years Fixed
- Close Date: 8/15/2024
