Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place preferred equity (up to 87.5% LTC for the acquisition and renovation of a property in Tucson, AZ.
The multifamily property consists of 109 units. The renovation will include $15,000 per unit, and over $900k for the complex. The sponsor is planning a 5 year hold.
The sponsor has a strong investment track record in multifamily acquisitions with a portfolio of 1,119 units across 12 properties in the southwest.
- The sponsor wants to find an equity partner that’s able to fund a large portion of the acquisition and renovation costs.
- A privately-held investment company was secured by Tauro that was able to structure a creative funding solution for the sponsor to purchase and renovate this property.
- Interest Rate: 87.5%
- Amortization: 12%
- Hold: 3 years