Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the acquisition of a multi-tenant medical office in the northeastern US.
Property Description
The property consists of 20K SF. The building is 3 stories with good ceiling height and plenty of parking. All 5 suites are fully occupied NNN tenants.
Sponsors
Sponsorship consists of an S-Corporation ran by 2 individuals with a portfolio of mixed-use and multifamily buildings in the US and Canada. Combined, they have over 50 years of experience and excellent financials.
Challenges
- The client’s main priority was to get 70% LTV which the deal did not underwrite to.
Solutions
- Tauro was able to find a solution by structuring an earn out allowing the lender to get up to the LTV request.
Funding
- Loan To Value: 70%
- Interest Rate: 6.65% Fixed
- Term: 10 Years (5+5)
- Amortization: 30 Years
- Prepayment: Step Down
- Close Date: 4/15/2024
