Funding Purpose
Tauro was engaged on an exclusive basis to place a construction loan for the acquisition and development of a property.
Property Description
The property is a 145,600 square foot single tenant-industrial building located in Mesa, AZ. Demand for this product type in this market is high.
Sponsors
The sponsor has developed several properties in the Phoenix area of varying asset classes. Years of experience surpass 20 years.
Challenges
- Building plans still in the works during the loan sourcing process.
Solutions
- Funding secured through a national lender that specializes in construction loans.
- Great terms given due to sponsor’s experience and demand for product type.
Funding
- Loan Amount (LTV): 60%
- Interest Rate: 3.5%
- Term: 2 years
- Recourse: Full recourse
- Prepayment: No Penalty
