Funding Purpose
Tauro was engaged to place debt for the permanent acquisition of a NNN Retail – Krystal Burgers.
Property Description
This retail asset is an absolute NNN property leased by Krystal Burgers in the southeastern US complete with an interior dining area of 2,560 SF along with a drive-thru.
Sponsors
The Sponsor is an investor in NNN Commercial Retail properties and has an extensive NNN real estate portfolio.
Challenges
- Sponsor wanted a sub-6% rate in a rising rate environment.
- Last minute negotiations at closing.
- Sponsor was having trouble obtaining financing from relationship bank.
Solutions
- Tauro communicated thoroughly with all parties to ensure a smooth closing.
Funding
- Loan to Value: 55%
- Interest Rate: 5.95%
- Amortization: 25 years
- Term: 10 years
