Funding Purpose
Tauro was exclusively engaged to place a loan for the refinance of a NNN GCAM Plasma location in Moreno Valley, CA.
Property Description
The property is a 15,000 SqFt NNN retail building that was purchased in 2012 and renovated in 2020. A 10 year lease was signed in mid 2020.
Sponsors
The sponsor is a real estate investor with over 20 years of experience. He has a high net worth and liquidity and has owned several NNN properties in the past.
Challenges
- Sponsor looking for more favorable financing terms after owning the property for 9 years.
Solutions
- Funding with California based credit union that was able to meet the client’s desired terms.
Funding
- Loan Amount (LTV): 50%
- Interest Rate: 3.5%
- Amortization: 30 years
- Term: 10 years
- Recourse: Non recourse
- Prepayment: Step down
