Funding Purpose
Tauro Capital Advisors was engaged under an exclusive basis to place debt for the acquisition of a Shell & Arby’s location in the Midwest.
Property Description
The Shell gas station features an Arby’s with a drive-thru in addition to a convenience store.
Sponsors
The buyer has decades of commercial real estate experience and is exchanging out of multiple assets into various NNN properties on both coasts.
Challenges
- Sponsor up against 1031-exchange deadline.
- Lack of comparables presented challenges for the appraiser in an uncertain environment.
Solutions
- Funding secured with a credit union that was able to get the deal closed in time.
- Proactive collaboration with buyer and seller’s brokers ensured appraisal came in on target.
Funding
- Interest Rate: 3.78%
- Amortization: 30 Years
- Term: 10 Years
- Prepayment: No penalty
