Tauro Capital Advisors assisted a CRE development firm by placing 75% LTC financing in order to purchase a vacant retail location and redevelop into a Neuragenex treatment center.
The property is located on a 1.24-acre site in a high-growth suburb. It is fully leased to Neuragenex and will be built-to-suit for their pain-management facility.
The sponsor is a highly experienced vertically-integrated commercial real estate development firm who specializes in retail and build-to-suit developments nationwide.
- Neuragenex is a relatively new tenant moving into their first standalone locations this year with aggressive growth plans. This caused hesitation among capital providers especially given the current votality in the market.
- Given the breadth of capital providers and true expertise in the development financing market, Tauro fostered a relationship with an emerging capital provider in the space.
- Loan Amount: $5,300,000
- Loan-to-Cost: 75%
- Interest Rate: 3-Month Term SOFR + 6%
- Recourse: Non-Recourse
- Prepayment: 10 Months
- Interest Only: Full Term of the Loan