Tauro Capital Advisor was engaged on an exclusive basis to place a loan for the acquisition of a ground lease NNN Panda Express location in Stockton.
The property was built to suit in 2006 for Panda Express who signed a 20 year ground-lease at the end of construction. Location in a large retails center.
The sponsor is an experienced real estate investor with other NNN holdings and some multifamily assets.
- The sponsor was using 1031-exchange proceeds from the sale of a multifamily property and needed to find a suitable investment with the timeline.
- Funding secured through a credit union.
- Based on sponsor’s low LTV requirement, the credit union was able to give extremly favorable terms with a quick close.
- Loan Amount (LTV): 38%
- Interest Rate: 3.67%
- Amortization: 30 years
- Term: 10 years
- Recourse: Carve-Outs
- Prepayment: Step down