Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a loan for the acquisition of a newly constructed built-to-suit Schlotzsky’s deli.
Property Description
Construction was completed in March of 2022, beginning the 20 year NNN lease. Schlotzsky’s has a corporate guarantee. The space is 1,100 square feet.
Sponsors
The sponsor is an experienced real estate investor with roughly 40 years of multifamily experience and 30 years of double and triple net experience.
Challenges
- This deal is part of a 1031 exchange putting the sponsor up against a deadline.
Solutions
- Funding secured with a national credit union in time that was able to provide the sponsor with the desired terms.
Funding
- Loan to Value: 61%
- Interest Rate: 3.73%
- Amortization: 30 year
- Term: 10 year
- Recourse: Payment guarantee
- Prepayment: No penalty
