Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place an acquisition and construction loan for the purchase and development of a NNN AutoZone building.
Property Description
The standalone retail property is located on the southwest corner of Limonite Avenue and Corey Street in Jurupa Valley, CA. It’s a build-to-suit for NNN lease by AutoZone.
Sponsors
The sponsor is a real estate investor with a background in purchasing and developing other NNN retail properties.
Challenges
- The sponsor needed to secure a construction loan at 100% LTC.
Solutions
- The sponsor was able to secure a loan with a financial provider who has since been added to Tauro’s database and will be utilized in future deals.
Funding
- Loan-to-Value: 70%
- Interest Rate: 10%
- Term: 1 Year
- Recourse: Full recourse
- Interest Only: 1 Year
- Prepayment: Allowed
