Tauro was exclusively engaged to place a loan for the acquisition of a mixed-use/retail property.
The property is a 6-tenant retail center located in Chino Hills, CA. The property is 100% leased with long-term tenants of which a majority are national/regional tenants.
The sponsor is an experienced real estate investor with a strong commercial real estate portfolio consisting of 16 properties over various asset classes.
- Sponsor looking to make the purchase with 1031 exchange proceeds.
- Timeline was made even tighter since this property was discovered after one was already in place.
- Funding done with an institutional lender that was able to give good terms and a quick close meeting the reduced timeline.
- Loan to Value: 50%
- Interest Rate: 3.5%
- Amortization: 25 years
- Term: 10 years
- Recourse: Recourse
- Prepayment: 2% fee