Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place bridge financing for the acquisition of a multifamily community to renovate and sell.
Property Description
The asset consists of 15 buildings over 13 acres with 132 units. It was built in 1972 and lightly renovated in 2017. Occupancy rate is high.
Sponsors
The sponsor is a corporation headquartered in Canada with a team in Georgia. They hold 1200 units in Atlanta over 2 assets.
Challenges
- The property was being renovated and managed by the former owner who lived across the country making for a slow renovation timeline.
Solutions
- Funding secured with a real estate investment firm that specializes in multifamily properties giving the sponsors the ability to bring all the units up to market rate.
Funding
- Loan Amount (LTV): $11,719,223 (70%)
- Interest Rate: 3.50%
- Amortization: 35 Years
- Term: 2 Years
- Recourse: Payment guarantee
- Interest Only: 24 Months
- Prepayment: No penalty
