Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place debt for a no cash-out refinance on a single-tenant NNN retail building.
Property Description
The 15,000 square foot property is located in Garden Gove, CA. There is a 75 year NNN corporate guaranteed lease with Walgreens.
Sponsors
The sponsor is an experienced real estate investor with both retail and multifamily assets.
Challenges
- Sponsor was seeking a loan with the maximum amortization that’s also non recourse.
Solutions
- Funding secured with a California based credit union that was able to give a loan with a 30 year amortization that was also non recourse.
Funding
- Loan Amount (LTV): 65%
- Interest Rate: 4.13%
- Amortization: 30 years
- Term: 15 years
- Recourse: Non recourse
- Prepayment: Step down
