Funding Purpose
Tauro was exclusively engaged to find acquisition financing for a historical mixed-use building in San Diego, California
Property Description
Old City Hall building in the Gaslamp quarter of San Diego with Florentine-Italianate architectural style. Consists of retail, office, and residential space inside
Sponsors
Sponsor has a very high net worth with the majority invested in 16 other income producing properties
Challenges
- Deal was on a strict timeline as this was one part of a multi-property 1031 exchange
- Sponsor has had some deals go bad in the past
Solutions
- Closed with a souther California based credit union that was able to get the deak done in time and place debt despite the couple past deals
Funding
- Loan Amount (LTV): 60%
- Interest Rate: 3.38%
- Amortization: 30 Y
- Term: 5 Y
- Recourse: Recourse
- Prepayment: Step Down
