Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place bridge debt for the acquisition and renovation of a multifamily property.
Property Description
The asset is a 96 unit multifamily building in Tucson, AZ consisting of 90,152 square feet. It was built in 1961 and has a pool, parking, and other amenities.
Sponsors
A local investment firm with significant knowledge and experience in the Phoenix and Tucson markets. They recognize this flagship project will be a cornerstone of the Downtown Tucson multifamily market.
Challenges
- Asset vintage and heavy renovation budget required expertise to source the correct solution.
Solutions
- Tauro was able to leverage market interest to secure the most competitive terms available. Focusing on the one of a kind location, sponsors track record, and market experience within the hyper growth Tucson market.
Funding
- Loan Amount: $23,600,000
- Interest Rate: 1 Month LIBOR + 400 BP
- Term: 3 years
- Recourse: Non-recourse
- Interest Only: 36 months
- Prepayment: Allowed
