Funding Purpose
Tauro was engaged to place acquisition financing on a double-net, investment-grade asset.
Property Description
The asset is a single-tenant retail property located in Tempe, AZ. Walgreens has leased this property since 1998 and flourished through the pandemic.
Sponsors
Sponsors have a combined 30+ years of experience in commercial real estate ownership and development. They specialize in retail and multi-family.
Challenges
- Sponsors looking to invest in retail during unprecedented times with Covid restrictions
Solutions
- Funding secured with institutional bank
- Great terms due to strength of corporate backing the sponsors
Funding
- Loan Amount (LTV): 62.5%
- Interest Rate: 3.89%
- Amortization: 30 Y
- Term: 7 Y
- Recourse: Payment Guarantee
- Prepayment: Step down
