Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to source acquisition financing for an O’Charley’s Restaurant in the Southeast U.S.
Property Description
This location consists of an 8,300 square feet full-service restaurant.
Sponsors
The sponsor is a seasoned restaurant operator and NNN retail owner with 25+ years experience. He owns and operates multiple restaurants as well as other asset types including industrial properties.
Challenges
- Tenant had lease than a year on their current lease
- Sponsor wanted to close by end of year
- Had to get an appraisal and Phase 1 completed in 4 weeks
- Limited interest was expressed from lenders
Solutions
- Tauro went out to roughly 60 lenders in the local market
- Tauro sourced a lender that was able to offer 80% LTV
- Tauro was also able to lock the rate which remained the same through a Fed Rate increase
Funding
- Loan-to-Value: 80%
- Interest Rate: 6.50%
- Amortization: 25 Years
- Term: 7 Years Fixed
- Prepayment: None
