Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the development of a build-to-suit Starbucks and Quick Quack ground lease in Carson.
Property Description
The 1.43 acre parcel was purchased for $4.3M in 2021. The current building is to be demolished to make way for the new tenant leases.
Sponsors
The Sponsor has extensive experience managing a full-service real estate investment company based in LA. He currently owns 250K SF of office and retail space.
Challenges
- Multiple delays caused by deal structure, construction delays, and title delays.
Solutions
- Tauro was able to overcome the obstacles and close the deal with a lender providing terms that Sponsorship was happy with.
Funding
- Loan-to-Cost: 79%
- Interest Rate: 11%
- Amortization: Interest-Only
- Term: 1 Year
- Close Date: 1/22/2024
