Location

EXECUTIVE SUMMARY:

The LOOP boasts an attractive mix of studio, one, and two-bedroom apartments ranging from 400-875 sq.ft. The property was built in 1965 and has been well maintained over the years. We estimate approximately $2.5M in capital improvements will be required over the next few years to address a handful of down units, entry doors, some roofs, parking lots and landscaping. When it comes to units, ownership has completed the upgrade of approximately 200 units with new kitchens, appliances, flooring, and fixtures. On average these units achieve rents roughly $100 above classic units, which provides new ownership an opportunity to continue this upgrade program and greatly improve this assets NOI.

The LOOP on Greenfield is being offered as a new debt investment, priced significantly below its 2022 appraised value of $104 million. The property currently has an agency loan with an attractive interest rate that can be assumed by new ownership. However, this comes with the condition that the new owner must maintain a 30% equity stake in the asset, necessitating a purchase price considerably higher than the asking price. A key advantage of this offering is the transferrable OPRA tax abatement, which remains in effect until December 30, 2027.