Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to source the acquisition and bridge financing for a single-tenant office building in the Southeastern US leased to TBC Corporation.
Property Description
The property features an additional four-story, 61,000 square-foot office space within the same business park.
Sponsors
The sponsor is a commercial real estate investment firm focused on single tenant net leased projects throughout the country. Tauro has worked with their firm as a capital provider in the past; however, this was the first time presenting this group as a client.
Challenges
- Short remaining lease term and non-recourse request made all local lenders decline
- Hurricane Ian affected all the businesses in the Southeast US
Solutions
- Tauro sourced a non-recourse bridge lender with favorable fixed-rate pricing with interest-only payments
- Lender was able to close in a timely manner
Funding
- Loan Amount (LTV): $9,500,000 (61% LTV)
- Interest Rate: 7.25% Fixed
- Amortization: Interest-Only
- Term: 2 Years
- Recourse: None
- Prepayment Penalty: None
