Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt for the refinance of a multifamily property located in Long Beach, CA.
The asset is a garden-style walk-up complex with covered parking. All 14 units are newly renovated with new kitchens, bathrooms, flooring, and window coverings.
The sponsor is an LA based real estate investment firm owned by a pair of business partners who have almost a decade’s worth of experience in real estate investment.
- Sponsor looking for above average leverage with good terms.
- Funding secured with a major international bank that was able to give them better terms than they were looking for.
- Loan to Value: 70%
- Interest Rate: 4.39%
- Amortization: 30 years
- Term: 30 years
- Recourse: Payment guarantee
- Interest Only: 36 months
- Prepayment: Step-down