Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place a senior loan for the refinance of the Social Security Administration office in Burbank, CA.
Property Description
The property is a build-to-suit 13,600 square foot GSA office which includes 52 parking stalls totaling 1,000 square feet.
Sponsors
The sponsor is a 31-year veteran developer specializing in build-to-suit and GSA offices.
Challenges
- The lender was struggling to match the requested debt service coverage ratio.
- Deal structure was not made clear to sponsor.
Solutions
- Tauro was able to sit-down and walk through the deal structure with the client to help make sense of it.
- The lender made concessions in other deal terms to even out the high DSCR.
Funding
- Interest Rate: SOFR + 1.90 w/ Cap
- Amortization: 30 Years
- Term: 10 Years
- Recourse: Non-Recourse
- Prepayment: None
