Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place a loan for the acquisition of an absolute NNN Xpress Wellness urgent care location.
Property Description
The property is brand new construction with a 15-year absolute NNN lease to begin after construction. The tenant has a corporate guarantee and is responsible for the structure and roof.
Sponsors
The sponsor is a real estate investor who’s been investing in medical buildings since 2015. His portfolio consists of 6 additional medical properties.
Challenges
- Sponsor wants a low rate and 70% LTV.
- Property still under construction with a short timeline to remove DD’s.
Solutions
- Funding secured with a smaller bank that was able to give the sponsor the low rate and LTV he asked for.
Funding
- Loan to Value: 70%
- Interest Rate: 3.75%
- Amortization: 20 years
- Term: 7 years
- Recourse: Full recourse
- Prepayment: No penalty
