Belmont Mohegan Portfolio, NY
11 Elevator Buildings | 345 Units | Article XI | Affordable Housing Opportunity with Value-Add Potential
Overview
Key Highlights
- Units 345
- % of TBVs 67%
- Tax Benefit Article XI with 1% GRT until 2058
- Gross Sq. Ft. 334,520
- Number of Buildings 11
Overview
Investment Highlights
• 334k gross square feet across 11 elevator buildings and 345 units
• Deep tax abatement at 1% of Gross Rent expiring in 2058
• Recent 610 amendment to existing regulatory agreement allows for significant revenue growth
• 67% of units currently occupied by TBVs
• $5M in recently capital improvements including elevators, roofs, facades and boilers
• Concentrated sites prime for management efficiencies
• Well located Tremont and West Farms assets with multiple transportation options
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