Limestone Development

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Last updated 9:41 AM on 4/8/26
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74 Terms

1
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What school are you from?

Not allowed to answer

2
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Building Name

The Gilded

3
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Gross Buildable Area

155,000

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Lot Area

6167.5

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Number of Units

168

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Multifamily Area

115,500

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Retail Area

11,000

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Efficiency

81.6%

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Project Cost

$177.1m

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NOI Stabilized

$11.5M

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Project IRR

17.3%

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Project MOIC

3.73x

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Project YOC

6.52%

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Studio %

50%

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1 Bed %

25%

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2 Bed %

25%

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Studio SQFT

550

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1 Bed SQFT

700

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2 Bed SQFT

950

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Construction Completion Month

36

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Stabilization Month

43

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Sale Month

120

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Zoning Regulation (Overall)

C5-3

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Zoning Rules for Residential Portion

R10

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Residential and Retail

Permitted

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Retail and Parking

No parking burden, mandated retail activation

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Retail Tenants

Experiential Retail

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Submarket

Midtown South

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Projected Exist Cap

4.5%

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Projected Rent Growth

3%

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Projected Vacancy

3%

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Per Unit Cost

~$1,000,000

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Per SQFT Cost

~$1,100

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Construction Loan Amount

$115M

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LP Equity

$55M

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GP Equity

$6M

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Construction Loan Underwriting Rate

6.85%

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Perm Loan DSCR

1.25

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Perm Loan Rate

6.15%

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Perm Loan Amortization Months

360

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Perm Loan Debt Yield

9.14%

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WE DID NOT USE

CoStar

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Assumed Development Time (YR)

3

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Assumed Hold (YR)

10

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LP IRR

15.7%

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LP MOIC

3.29x

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GP IRR

26.5%

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Waterfall First Tier/Promote

10%/Parri-Passu

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Waterfall Second Tier/Promote

12%/20%

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Waterfall Third Tier/Promote

18%/30%

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Waterfall Fourth Tier/Promote

18+%/40%

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GP/LP Contribution

10/90

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Rent Controlled Units Count

42

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Studio Rent Per Unit

$4,600

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1 Bed Rent Per Unit

$5,800

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2 Bed Rent Per Unit

$7,800

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Rent Restricted Studio Rent Per Unit

$1,700

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Rent Restricted 1 Bed Rent Per Unit

$1,800

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Rent Restricted 2 Bed Rent Per Unit

$2,200

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Retail Rent per SQFT

400

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Avg Unit Income WO/Abatement

$5,700

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Avg Unit Income W/Abatement

$4,700

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Abatement Annual Savings

$2.51m

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Abatement NOI Gain

0.6M

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Abatement IRR Gain

1%

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Total Effective Income

13.7M

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Annual OpEx

2.2M

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NOI

11.5M

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Year 3 LP Cashout

18.M

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Net Sale Price

343M

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Gross Excess Sale Proceeds

223.0M

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Cumulative Cash Flow

199.5M

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Where did your information?

Publicly available market data

74
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What school are you from again?

I’m not allowed to say