Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance of three contiguous parcels located in Van Nuys, CA.
Property Description
The assets consist of an auto center, a non-revenue-generating parking lot, and a fully leased, 4-unit residential property. In total, there’s nearly 23,000 square feet.
Sponsors
The sponsor is an experienced real estate investor specializing in value-add multifamily and office assets. He has strong financials.
Challenges
- Sponsor wants great terms and proceeds in order to re-develop the properties for future use.
Solutions
- Funding secured with a California based credit union that gave great terms.
Funding
- Loan to Value: 65%
- Interest Rate: 4.25%
- Amortization: 25 years
- Term: 5 years
- Recourse: Non-recourse
- Prepayment: Step-down
