Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis for the acquisition of a NNN Retail – Wendy’s Restaurant.
Property Description
Recently built in 2022, this Retail asset is an absolute NNN property with a brand new 20-Year lease. This new construction of a Wendy’s is located in a dense retail corridor with 2,841 SF of building space.
Sponsors
The sponsor is a NNN investor in Commercial Retail properties and has an extensive Real Estate portfolio exceeding $100M.
Challenges
- Primary lender re-traded the deal prior to close.
- Sourcing Non-Recourse Debt in a tertiary market.
Solutions
- Tauro was able find a back up lender who was able to close in 4 weeks.
- We sourced the back up lender that was able to provide Non-Recourse without extending the closing date.
Funding
- Loan To Value: 60%
- Amortization: 25 Years
- Term: 10 Years
- Recourse: Non-Recourse
- Prepayment: 2-1-0
