Projects

Davidson Surface/Air


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Challenges

  1. The property was a former KV Pharmaceutical building in possession by LNR (the leading commercial mortgaged back securities servicer) and was a significant St. Louis troubled asset
  2. Convince LNR to sell the property at a 38% discount
  3. Obtaining financing to close on the $9.5 million dollar purchase
  4. Property taxes of $535,000 were unsettling to the prospective buyer
  5. Seeking Chapter 100 bond financing while requiring approval from all tax districts within the city of Bridgeton to support this initiative
  6. 90 days to close on the contract
     

Solutions

  1. Extract capital from two existing buildings to eliminate the equity requirement for the purchase of 1 Corporate Woods

  2. Justify the $9.5 Million dollar purchase price of the building to the lender to obtain adequate financing

  3. Negotiate with St. Louis County to obtain tax reducing Chapter 100 bond financing

  4. Coordinate personal meetings with the fire district, Hazelwood School District, and the City of Bridgeton while obtaining letters from each taxing district supporting the real estate tax reduction through the Chapter 100 bond financing

  5. Extend the contract by an additional 30 days


Results

  1. Received all necessary financing for 1 Corporate Woods

  2. Successfully negotiated a 67% decrease in the property taxes from $535,000 to $179,000 a year

  3. Received support from St. Louis County, the Board of Alderman, and the State of Missouri Economic Development Agency and successfully obtained Chapter 100 Bond financing

  4. The project closed within 120 days with favorable outcomes for all parties

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Davidson Surface/Air
1 Corporate Woods Drive
Bridgeton MO 63044

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Overview

Intelica was hired to locate, negotiate, and complete the purchase of a 300,000-400,000 square foot building for Davidson Surface Air (DSA). After a very thorough and extensive search of properties, the property at #1 Corporate Woods Drive in Bridgeton was identified