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Premier Downtown St. Louis Class A Office NPL Sale

Maturity Defaulted Loan – The $44.43mm Loan maturity defaulted on June 6, 2016. A Receiver was appointed on July 19, 2016.

Premier Office Property in CBD – The Loan is collateralized by a 15-story, 409,966 net rentable square foot Class A office tower in the CBD of St. Louis. Situated on a 1.45 acre site, the property remains one of the top tier Class A office towers in the CBD. The Property features a three-level underground parking garage with 462 spaces and elevator, ground-floor retail space, a cafe, ten elevator banks, 24-hour security, plus an open atrium lobby. Floor plates are approximately 27,000 square feet.

Excellent Location and Access - St. Louis is the largest metropolitan area in Missouri, the second-largest in Illinois, and the 22nd-largest in the United States. The Property is located in the heart of downtown St. Louis and is surrounded by restaurants, public parking, entertainment venues, hotels and city attractions. The building backs up to the City Garden, an urban sculpture park, and is alongside the famous Gateway Mall – the stretch of green space running linearly, one block wide, from the Gateway Arch at Memorial Drive to Union Station at 20th street. The property is the sole office building along the Gateway Mall and as a result enjoys breathtaking views of the Gateway Arch, Kiener Plaza, Citygarden, and Busch Stadium.

Value-Add Opportunity - The Property is currently 75.0% occupied. With the Property’s great location, high quality construction and finishes, loyal long term tenant base and a history of high occupancy verses the market, investors realize the opportunity to add value by leasing up large blocks of Class A office space.

Opportunity Zone - The Property is located in an Opportunity Zone, offering potential tax benefits to owners and investors.

RealINSIGHT Marketplace and Mission Capital Advisors are pleased to offer the opportunity to acquire a $44,428,038 non-performing loan secured by a first-lien deed-of-trust on a 409,966 square foot multi-tenant office tower located in St. Louis, Missouri.

The loan was originated on February 8, 2006 in the amount of $50,000,000 for a 10-year term maturing on February 01, 2016. The purpose of the loan was to fund the acquisition of a multi-tenant office tower in St. Louis which currently serves as collateral for the loan. The loan carried a fixed 5.49% interest rate and required 60 months of interest-only payments followed by 60 months of P&I payments of $283,580 based on a 360-month amortization schedule. The loan maturity defaulted on February 1, 2016 with foreclosure proceedings initiating shortly thereafter. A Receiver was appointed in July 2016.

The loan is secured by a first-lien Deed of Trust, Security Agreement, Assignment of Leases and Rents and Fixture Filing, including Future Advances and other Future Obligations on a CBD office tower located in St. Louis, Missouri. The Class A building was built in 1986 and is currently 74.9% occupied as of April 2019. The 409,966 net rentable square feet of office space remains one of the top tier Class A office towers in the CBD of downtown St. Louis. The property is the sole office building along the Gateway Mall and as a result enjoys breathtaking views of the Gateway Arch, Kiener Plaza, Citygarden, and Busch Stadium.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Non-performing Note Secured by Office Building in St. Louis, MO

Saint Louis, MO


Asset Snapshot

  • Asset Type
  • Note
  • Loan Status
  • Non-Performing
  • Original Balance
  • $50,000,000
  • Unpaid Balance (UPB)
  • $44,428,038
  • UPB As Of Date
  • Jun 01, 2019
  • Maturity Date
  • Mar 01, 2016
  • Note Rate
  • 5.49%
  • Land Area
  • 1.45 Acres
  • Year Built
  • 1986
  • Number of Floors
  • 15
  • Number of Buildings
  • 1
  • Parking Count
  • 462
  • Occupancy
  • 75.04%
  • Occupancy as of
  • May 10, 2019
  • Office Type
  • CBD Office
  • Property Size
  • 409,966 Sq Ft
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.