Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt on the acquisition of a townhome community as part of a 1031 exchange.
Property Description
The asset consists 88 condo units across two properties.
Sponsors
The sponsor has real estate experience dating back to 1975 investing in multifamily properties around Southern California with his father.
Challenges
- Sponsor up against a 1031 exchange deadline.
Solutions
- Funding secured with a debt source that was able to give the sponsor his required terms to comfortably invest in the multifamily communities.
Funding
- Loan to Value: 65%
- Interest Rate: 4.99%
- Amortization: 30 years
- Term: 15 years
- Recourse: Carve-outs
- Prepayment: Yield Maintenance
