Tauro Capital Advisors, Inc. was exclusively engaged to place a permanent loan for the acquisition of a multifamily property.
The property is a 10-unit multifamily building located in the Southwestern US. It was 100% leased with a 2% loss-to-lease. It’s located in a lively part of town.
The sponsors are a group of people united under a LLC that own and operate several multifamily and retail properties. They’ve been in real estate for decades.
- The purchase of this property was to be up-leg of a 1031-exchange.
- The sponsor was under a deadline to purchase a property.
- Funding was successfully done by a credit union service organization.
- The experience of the partners and the updated property made for great terms.
- Loan-to-Value: 60%
- Interest Rate: 3.5%
- Amortization: 30 Years
- Term: 15 Years
- Recourse: Non-recourse
- Prepayment: Allowed