3949 Lindell is a class “A”, mixed-use asset with 197 apartment units and 13,992 SF of ground-level retail space.
In addition, the asset included a Tax Increment Financing (“TIF”) Note with a $3.0mm face value. The asset was completed in early 2010 for a total development cost of $31.3mm and is located in the Central West End submarket of St. Louis, a gentrifying area due to the close proximity to medical centers, universities, and Forest Park.
- Medical center (155 acre campus, 1,500 beds, 20,000 employees)
- Universities (SLU & Washington U – 25,500 combined students)
- Forest Park (1,300 acres of dynamic outdoor space )
- Acquire a newly constructed, non-stabilized asset on an all-cash basis
- Evaluate strategies with the borrower including pursuit of fee-simple interest and comprehensive loan restructuring
- Fund tenant improvement and leasing commission dollars to fill the balance of the ground-level retail space
- A qualified buyer for the disposition of the asset
|Investment Type:||Distressed Mixed Use Asset|
|Property Type:||Multifamily – Retail|
|Status:||3949 Lindell has been sold to a Public REIT. Gulfstream still owns the TIF note and receives annual payments.|