Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a loan for the acquisition of an absolute NNN Burger King location.
Property Description
The asset is located in the Southern US on a major road with good visibility. It was built to suit in 2021 for Burger King that signed a 20 year lease with a 7.5% increase every 5 years.
Sponsors
The sponsor is an experienced real estate investor with a high net worth and strong liquidity. His portfolio consists of 6 medical buildings.
Challenges
- Burger King would not move in until the end of December delaying lender timelines.
Solutions
- Funding secured with a national lender that was fine with the delayed timeline and still offered great terms.
Funding
- Loan to Value: 63%
- Interest Rate: 3.81%
- Amortization: 30 years
- Term: 10 years
- Prepayment: No penalty
