Tauro Capital Advisors Arranges $149.7M Bridge Loan for 24-Store Walgreens Portfolio

by Amy Works

LOS ANGELES — Los Angeles-based Tauro Capital Advisors, on behalf of borrower IBF Properties, has facilitated a $149.7 million, one-year, floating-rate bridge loan for a 24-property Walgreens portfolio.

The stores are located in nine states across the United States, primarily in Tennessee, Wisconsin and Alabama. The borrower is purchasing retail assets occupied by investment-grade tenants and plans to create a REIT to hold and operate the portfolio of income-producing real estate.

Matt Bucaro, Eric Alvarez, Michael Bucaro, Matthew Ingle and Garryn Laws of Tauro Capital Advisors arranged the financing transaction. Benefit Street Partners was the lender.

Totaling 314,852 square feet, the borrower purchased the portfolio in 2021. After acquisition, longer leases were negotiated for the majority of the tenants, which provided stability for those investors purchasing dividends within the REIT and offering a level of commitment by Walgreens to the sites and a low probability of leaving.

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