Funding Purpose
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.
Property Description
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.
Sponsors
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.
Challenges
- Sponsor looking for above average leverage with good terms.
Solutions
- Funding secured with a major international bank that was able to give them better terms than they were looking for.
Funding
- Loan to Value: 70%
- Interest Rate: 4.39%
- Amortization: 30 years
- Term: 30 years
- Recourse: Payment guarantee
- Interest Only: 36 months
- Prepayment: Step-down
