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Taylor's Landing, a 46,000
square foot shopping center and office/medical complex
located in Salt Lake City, Utah was purchased from the
RTC in September 1994 for a purchase price of $1,671,000
with 15% down. The NOI at time of purchase was approximately
$190,000 at 50% occupancy. Within 2 years, new leases
were signed bringing the occupancy to 100% with an NOI
of approximately $377,000 and cashflow after debt service
to over $230,000. Initially, $65,000 was invested in tenant
and capital improvements. In February 1998, a new loan
was obtained in the amount of $2,575,000 from Morgan Stanley
(Conduit Loan). The terms are interest rate 7.31%(1.70%
over the treasuries), 30 year amortization, ten year term.
Since 1998, an additional $250,000 has been invested in
capital improvements and tenant improvements for long
term leases. As of July 2003, the property is 75% occupied
with an NOI of approximately $424,000. As of 12-31-2006,
the property was 100% leased with an estimated NOI 0f
$543,000. In September 2006, a new loan was obtained with
a life insurance company, fully amortized over seventeen
years fixed at 6.62% in the amount of $2,300,000.
A complete renovation of the facade was begun in 2006
to replace deteriorated plywood with stucco. For before,
after & work in progress photos click here {link - content
to be provided}. |
