Funding Purpose
Tauro Capital Advisors, Inc. was exclusively engaged to place 100% LTC financing for the acquisition and reposition of a US Bank building into a drive-thru Starbucks.
Property Description
Starbucks recently signed a NNN lease for the retail property located in a high-growth market.
Sponsors
The sponsor is a highly experienced real estate development firm located in Northern California with over 35 years and 30 projects under their belt.
Challenges
- The sponsor was looking for a development loan to build the Starbucks property to suit.
Solutions
- Funding was secured with a NNN lender that was able to loan at 100% LTC for the sponsor to complete construction and sell off the asset.
Funding
- Loan-to-Value: 80%
- Interest Rate: 11%
- Recourse: Payment guarantee
- Interest Only: 1 Year
- Prepayment: No penalty
