Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place a loan for the acquisition of an absolute NNN Burger King.
Property Description
The property was built-to-suit for Burger King in 2018 which is when they signed a 20 year lease. Tenant is responsible for roof and structure, and there’s a franchise guarantee.
Sponsors
The sponsor is an experienced real estate investor with a portfolio of nine retail assets and four SFR assets. He also has strong financials.
Challenges
- Property owned 50/50 with two partners. One partner did not want to sign any loan docs.
Solutions
- Funding secured with a new credit union sourced by Tauro whose structure allowed the other partner not to sign.
Funding
- Loan to Value: 58%
- Interest Rate: 3.58%
- Amortization: 30 years
- Term: 10 years
- Recourse: Full
