Tauro was engaged to source a loan and refinance a single-tenant retail building along with the adjacent parking lot after having Tauro AFS underwrite the investment.
The property was purchased by the sponsor in 2021. It was a single family home converted to retail. The Cavalier (tenant) will put $1M into renovations for their bar.
The sponsor is an experienced commercial real estate investor with a portfolio upwards of $10M. His investments are spread across the Southern US.
- Sponsor looking to get better terms in a volatile market after purchasing the property a year ago.
- Tauro was able to source a loan with great terms for the sponsor allowing him to get max cash-out and continue growing his portfolio.
- Loan to Value: 75%
- Interest Rate: 11.75% fixed
- Amortization: Interest-only
- Term: 12 months
- Prepayment: 6 months interest