Funding Purpose
Tauro Capital Advisors, Inc was engaged on an exclusive basis to refinance this asset for the sponsor.
Property Description
The property consists of 3 contiguous buildings with 18,000 SqFt of rentable space. The property is located in a prime Santa Monica spot, and is 100% leased.
Sponsors
The sponsor is a high net worth individual who works as the president of a major real estate services firm in Southern California.
Challenges
- The sponsor was looking for maximum leverage to a 1.25 DSCR.
Solutions
- Funding secured with a national bank that was able to give the sponsor maximum leverage at a 1.25 DSCR.
Funding
- Loan to Value: 65%
- Interest Rate: 3.34%
- Amortization: 25 years
- Term: 10 years
- Recourse: Non-recourse
- Prepayment: Allowed
