Loan amount
$18,000,000
Loan type
Purchase
{Rent&Hold}
As-Is Property Value
$21,000,000
{PP:$18,000,000}
LTV
86%
{LTV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
680
Deal experience
4 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Memphis
State
Tennessee
Loan Details
Purchase price
$18,000,000
Down payment
$1
Additional Loan Information
The Property is a 75 Luxury Apartments and 32,000 sqft. Office/Retail with a stellar 95%+ residential occupancy history and 96% leased commercial space. The deal comes with an assumable below-market long-term financing and a transferable PILOT (Payment-In-Lieu-of-Tax) abatement with six years remaining on the lease.
The Property is an icon in the Memphis skyline, it is of exceptional architectural character and enjoys a prime address on the historic Court Square Park. The Property offers Downtown Memphis convenience in a Live Work Play environment sought by today’s urban renter and features well-designed residences with contemporary urban amenities and select river views.
It involves the adaptive reuse of three historic landmark buildings:
22-story Lincoln American Tower
Replica of New York's Gothic Woolworth Building
31 residences I 11,000 SF of Office and 3,800 SF of Retail
5-story Lowenstein Building
28 lofts I 7,400 SF Office with Community Fitness Center
5-story Court Annex 2 - modern replacement of historic Court Annex Building
16 lofts in glass streel structure I 4,400 SF of Office
LEED Gold distinction for energy efficiency
Value-add potential
▬ Rental upside via cosmetic upgrades, parking, and storage income, new amenities in underutilized space
▬ Opportunities for operational efficiencies on the expense side
▬ It presents the rare opportunity to acquire a luxury, condo quality, stabilized apartment asset significantly below current replacement costs, offering condominium conversion upside
I have been investing in commercial real estate since 1994.
The Property is an icon in the Memphis skyline, it is of exceptional architectural character and enjoys a prime address on the historic Court Square Park. The Property offers Downtown Memphis convenience in a Live Work Play environment sought by today’s urban renter and features well-designed residences with contemporary urban amenities and select river views.
It involves the adaptive reuse of three historic landmark buildings:
22-story Lincoln American Tower
Replica of New York's Gothic Woolworth Building
31 residences I 11,000 SF of Office and 3,800 SF of Retail
5-story Lowenstein Building
28 lofts I 7,400 SF Office with Community Fitness Center
5-story Court Annex 2 - modern replacement of historic Court Annex Building
16 lofts in glass streel structure I 4,400 SF of Office
LEED Gold distinction for energy efficiency
Value-add potential
▬ Rental upside via cosmetic upgrades, parking, and storage income, new amenities in underutilized space
▬ Opportunities for operational efficiencies on the expense side
▬ It presents the rare opportunity to acquire a luxury, condo quality, stabilized apartment asset significantly below current replacement costs, offering condominium conversion upside
I have been investing in commercial real estate since 1994.
Status
Closed
Created
January 7, 2021 - 7:58pm
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