Gulfstream Capital Group is pleased to announce the closing of 3949 Lindell, a mixed-use property located in St. Louis, Missouri.
The subject asset was completed in mid-2009 for an all-in cost of $32MM. Property suffered issues similar to those at Falcon Lake (previous transaction) and was acquired at 60% physical occupancy (Residential & Retail). Gulfstream acquired both the Senior & Mezzanine Notes as well as a $3MM assumable TIF (Tax Increment Financing) Note.
- All-Cash Purchase: No financing contingency, 10 day close
- Assumable TIF: Property was transferred with a $3MM TIF to be issued by the City of St. Louis
- Strong Discount to Replacement Cost
- Quality Location: Asset is positioned in a desirable part of town, directly adjacent to two Universities and within close proximity to a major park and the Medical District
|Location:||St. Louis, MO|
|Type:||Mixed-Use (Multifamily & Retail)|
|Units:||197 Residential Units + Retail|
|Square Feet:||190,192 Total NRSF|
|Structure:||All-Cash Senior and Mezzanine Note|
|Closing:||05/06/10 – 10 Day Close|
Gulfstream Capital Group, LLC is a Real Estate Investment Manager located in Dallas, Texas focused on the nationwide acquisition of Multifamily and Mixed-Use Real Estate, including Conventional, Condominiums, Senior and Student Housing.