Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a loan for the acquisition of a 7-Eleven location in the Southeastern US.
Property Description
The property was built to suit for 7-Eleven in 2020. They are 2 years into a 15 year absolute NNN lease. The retail portion is 3,500 SF on a main thoroughfare.
Sponsors
The sponsor is an experienced real estate investor with a diverse portfolio consisting of multifamily, retail, and SFR. Financials are strong, and this was a 1031 exchange
Challenges
- Environmental company recommended Phase 2
- 1031 deadline
Solutions
- Used old Phase 1 and low leverage to mitigate and overcome Phase 2 requirement.
- Worked closely with lender to expedite process.
Funding
- Loan to Value: 27%
- Interest Rate: 3.35%
- Amortization: 30 years
- Term: 10 years
- Prepayment: No penalty
