- Upside of $309/Unit/Month with Strategic Interior Renovations
- 10 Year Effective Age and Significantly Below Replacement Cost
- Attractive, Fully Amortizing, 3.25% Fixed Rate HUD Debt
- Central St. Louis Location Close to Dining, Shopping, and Entertainment
- Demonstrated Value-Add Upside in the Submarket
Upside Of $309/Unit/Month with Strategic Interior Renovations
Gotham provides the ability for new ownership to realize significant rent premiums of $309/unit/month on average through the renovation of unit interiors including new appliances, painted or new cabinets, resurfaced countertops, new flooring, a modern paint scheme, and upgraded fixtures.
10 Year Effective Age and Significantly Below Replacement Cost
Gotham Apartments and Annex offers a mix of new construction (Annex 2013) and fully rehabbed historic building (Gotham 2013) offering new ownership the opportunity to own a well-located mixed-use asset with a 10-year effective age significantly below replacement cost.
Attractive, Fully Amortizing, 3.25% Fixed Rate HUD Debt
In 2017, Ownership was able to acquire highly attractive HUD debt on the property which can be assumed by a purchaser, allowing for a high leverage acquisition with favorable financing. The terms of the assumable debt are as follows:
- Servicer – Dwight Capital
- Interest Rate – 2.75% (plus 50 bps MIP)
- Amortization – 40 Years/480 Months
- Original Balance – $8,635,100
- Current Balance (12/1/2023) – $7,809,370.79
- Origination Date – June 2017
- Maturity Date – January 2057
- Combined Monthly Debt Service Payment (P&I)– $33,324.56 (Principle, Interest, MIP)
