Funding Purpose
Tauro Capital Advisors, Inc. was exclusively engaged to place 1031 acquisition debt for 21 Single Tenant Net Lease QSR’s. This property was financed with a local lender.
Property Description
This asset consists of a Sonic NNN Retail property located in the southeastern US. it was built in 2004 and is nearly 2,000 square feet.
Sponsors
The sponsor managed a multifamily asset for over 20 years until he decided to sell it for $45M allowing him to purchase 21 STNL retail properties as part of a 1031 exchange.
Challenges
- Tauro was tasked with sourcing debt for the entire portfolio consisting of 21 properties over $20M and had to stay diligent and organized to find the best financing for each.
Solutions
- In this case, Tauro sourced a local credit union that had the best terms for this property based on proximity to the lending institution.
Funding
- Loan to Value: 50%
- Interest Rate: 6.48% Fixed
- Term: 10 Years
- Amortization: 30 Years
- Prepayment: No Penalty
- Close Date: 9/18/2023
