Smoke Tree Apartments – Refinance/Cash Out

Palm Springs, CA

$2,700,000

Funding Purpose

Tauro Capital Advisors was engaged on an exclusive basis to place debt on 53 units with cash out for the sponsor’s other investments.

Property Description

The property consists of 53 units in Palm Springs. The property had a ground lease with 39 years remaining.

Sponsors

The sponsor is a long-time Multifamily investor based out of the Bay Area. The sponsor had a number of go-to lenders but was unable to find financing for a property with a ground lease.

Challenges

  • The property was under a ground lease rather than fee simple ownership.

Solutions

  • Sourced financing from one of our strong lender relationships.

Funding

  • Loan to Value: 65%
  • Interest Rate 3.25%
  • Amortization: 30 years
  • Term: 5 years
  • Recourse: Recourse

Director  | Capital Advisor

310-966-0025

fpaparella@taurocapitaladvisors.com