Tauro Capital Advisors was engaged on an exclusive basis to place senior debt for the acquisition of a ground-leased multitenant shopping center in the Southwest U.S.
The Block at Pima Center is a Class A+ multitenant retail center comprised of 37,958 NRSF over four buildings on a 6.4 acre parcel, with 173 parking spaces. This trophy asset has a diverse mix of national, and local tenants on long-term leases and is located within one of the premier entertainment destinations in the Southwestern U.S.
The sponsor is an experienced Michigan-based real estate investor that is diversifying their CRE portfolio into the Sunbelt. They have a proven track record of ownership and operation of multitenant retail properties across multiple geographic markets.
- Ground lease on Tribal land
- Extended closing timeline due to Tribal and BIA approvals
- Rising rate and deteriorating macro environment
- Shallow lender pool due to idiosyncrasies of the ground lease
- 120-day rate lock to accommodate longer closing timeline
- Loan Amount: $14,500,000
- Loan-to-Value: 62%
- Interest Rate: 5.6% Fixed
- Term: 7 Years
- Amortization: 25 Years
- Prepayment: None