Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the development of a multi-tenant retail center in the southern US.
Property Description
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the development of a multi-tenant retail center in the southern US.
Sponsors
Sponsorship is held by a development firm that specializes in retail. Both owners have a diverse background in commercial real estate.
Challenges
- Loan officers switched hands mid underwriting.
- Originally marketed for high leverage debt fund financing but switched to conventional.
- Franchise credit tenants in 3-unit parcel.
Solutions
- Streamlined all communication channels for seamless transition.
- Utilized relationships from previous construction deals we marketed in the region.
- Pitched corporate Sketchers as anchor to mitigate risk.
Funding
- Loan To Value: 68%
- Interest Rate: 7.25% Fixed
- Amortization: Interest Only
- Term: 24 mo. I/O then converts to P&I for remaining term
- Prepayment: No Penalty
- Close Date: 7/9/2024
