Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place a loan for the refinance of a single-tenant freestanding retail building.
Property Description
This asset is a fully leased and stabilized NNN retail property located next to a major highway and shopping center with large retail stores.
Sponsors
The sponsor is an experienced development group that holds the Area Development Agreement for 150 Panera Bread and Bakery Cafés across 8 states. The sponsor is seeking better financing terms for this specific Panera location.
Challenges
- Sponsor looking to refinance and pull max proceeds to invest in upcoming development projects.
Solutions
- Funding secured with a local bank and trust was able to provide the cash out requested to fund the pipeline adequately.
Funding
- Loan to Value: 68%
- Interest Rate: 3.65%
- Amortization: 30 years
- Term: 10 years
- Recourse: Partial Recourse
