Tauro Capital Advisors has closed a one-year $149 million floating bridge loan on a 24-property Walgreens portfolio spanning nine states. The stores are located primarily in Tennessee, Wisconsin, and Alabama and encompass 314,852 square feet in total.

The financing transaction was led by Matt Bucaro, a managing partner at Tauro in Los Angeles, and closed in less than 45 days. In a statement announcing the deal, Tauro said the IBF Properties, which purchased the properties in 2021, is buying retail assets occupied by investment-grade tenants en masse and plans to create a REIT to hold and operate the portfolio. Bucaro said that his team secured and arranged the refinancing to replace the higher interest rate acquisition financing, which he said is intended to bridge the gap until the REIT is formed and more permanent debt is placed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt Net Lease Fall 2022Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.