Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the horizontal development of a Quick Quack Car Wash in the western US.
Property Description
The retail asset consists of 3,500 SF on 1.3 Acres. Quick Quack signed a 20-year NNN ground lease considering the proximity of the site to a large suburban area.
Sponsors
Sponsorship is a private firm specializing in commercial real estate development, investment, and syndication. The principal has completed 30 projects in 15 states.
Challenges
- Private tenant with no published financial information.
- Market constraints reducing proceeds.
Solutions
- Tauro was able to source 100% LTC debt with a firm who did not require tenant financial review.
- Tauro’s relationship with both the sponsor and lender provided maximum proceeds and a streamlined closing process.
Funding
- Loan-to-Cost: 100%
- Interest Rate: 12.5%
- Amortization: Interest-Only
- Term: 15 Months
- Guarantees: Repayment guarantee burn-off
- Close Date: 11/28/2023
