Funding Purpose
Permanent acquisition loan for a NNN Rite Aid store using 1031 Exchange proceeds to make the purchase.
Property Description
This Rite Aid retail store is located in Wildomar, California and has been in this location since 2008 as part of a 20 year master least.
Sponsors
The sponsor is an experienced real estate investor with over 30 years of NNN experience and a high net worth.
Challenges
- Sponsor was on a tight 1031 deadline after selling Walmart location in Connecticut.
- Sponsor was looking for rates in the mid 3’s at 65% LTV.
Solutions
- Tauro was able to deliver by finding an institutional bank to fund the acquisition and meet the sponsor’s terms.
Funding
- Loan to Value: 65%
- Interest Rate: 3.5%
- Amortization: 25 years
- Term: 7 years
- Recourse: Non-recourse
- Prepayment: Allowed
