NNN Rite Aid – Acquisition

Riverside, CA

$5,500,000

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

 

Managing Director  | Capital Advisor

714-401-7667

mbucaro@taurocapitaladvisors.com