Tauro Facilitates $150M Bridge Loan for 24-Store Walgreens Portfolio
Tauro Capital Advisors has arranged a $149.7 million, one-year floating bridge loan on a portfolio of 2 dozen Walgreens located in nine U.S. states. The stores, primarily in Tennessee, Wisconsin and Alabama total 315,000 square feet.
Matt Bucaro, managing partner of Los Angeles-based Tauro, led a team that arranged the financing for the sponsor, who is purchasing the assets and plans to create a REIT to hold and operate the portfolio. IBF Properties, LLC, was the borrower and Benefit Street Partners was the lender for the bridge refinance.
Bucaro said in a news release, “Our assignment was to secure refinancing to replace the higher interest rate acquisition financing, which is intended to bridge the gap until the REIT is formed and more permanent debt is placed.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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