Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a loan for the acquisition of an absolute NNN Caliber Collision in the Southern US.
Property Description
The property is brand new with the build-to-suit construction completed in 2021. The NNN lease is 15 years. It’s in a great location next to many dealerships and retail.
Sponsors
The sponsor is a development group. The head is a real estate owner, operator, investor, and developer with over 20 years of experience.
Challenges
- The property was to be purchased using 1031-exchange proceeds from the sale of a 175,000 SF multi-tenant industrial building.
- The sponsor was up against a 1031 deadline.
Solutions
- Funding was secured with a credit union based out of Texas that was able to give the sponsor good terms within their timeline.
Funding
- Loan-to-Value (LTV): 55%
- Interest Rate: 3.9%
- Amortization: 30 Years
- Term: 10 Years
- Recourse: Non-recourse
- Prepayment: No penalty
