Tauro Capital Advisors was engaged on an exclusive basis to place bridge debt for the land acquisition of a future Raising Cane’s location in Palmdale, CA.
The asset is located off the 14 freeway nearby other large retailers. The land is currently undeveloped, but it is fully entitled so construction on the NNN property can start.
The sponsor is an experienced real estate investment group that is seeking a bridge loan that they plan to repay 30 days after funding.
- The sponsor is seeking 100% LTC along with a three month interest reserve and additional fees.
- Funding secured with a bridge debt source that was able to fund the acquisition and meet the client’s wish-list.
- Loan to Cost: 99%
- Interest Rate: 7.99%
- Term: 3 months
- Recourse: Payment guarantee
- Interest Only: 3 months
- Prepayment: No penalty