INVESTMENT HIGHLIGHTS
1.
DAVENPORT: “ECONOMIC ENGINE” + LARGEST OF THE QUAD CITIES
Home to Household-Name Employers: Kraft Heinz, Nestle Purina, Sterilite, Sears Manufacturing
Rock Island Arsenal is a Massive Employment Driver:
— #2 Employer in Quad Cities Metropolitan: 6,300+ Jobs
— Only Active U.S. Army Foundry
— Spans 946 Acres + Houses 70 DOD Organizations and Veterans
3.7% Rent Growth (July 2024, YoY, Davenport-Bettendorf Submarket)
— Compare to: Austin, TX @ -5.5% | National @ 1.0% (CoStar)
4% Rent Growth Projected for 2025
$80,428 Average HH Income (within 1 mi. of CRESCENT LOFTS)
MARKET-RATE + AFFORDABLE PLATFORM: A POWERFUL OPPORTUNITY TO APPEAL TO QUAD CITIES’ RENTER + INDUSTRY SPECTRUM
177 Units in 5 Buildings: Market-Rate, LIHTC, HOME
90 Market Units | 79 @ 60% AMI | 8 @ 50% AMI
HOME-Restrictions Expire in: 2024 + 2026
2 Buildings: 100% Market-Rate
$800,000+ IN KEY CAPITAL EXPENDITURES
CRESCENT LOFTS’ UNIQUE RENTER SELLING POINTS:
One-of-a-Kind History + Structures:
— Former Ironworks, Textile Mill, Paper Box Factory, and Macaroni Producer
— Sky-High Ceilings, Stunning Historical Brick + Wood Beams
Renters LOVE Crescent Lofts: 4.9 STARS @ Apartments.com
Overlooks the Spectacular Mississippi River + Shoreline
WALKABLES — Riverfront Trail, Redband Coffee Co., Davenport Public Library, Quad City Symphony, Adler Theatre, Family YMCA
OVERVIEW
Crescent Lofts is a 177-unit mixed-income housing community located in Davenport, Iowa. The Historic Crescent Warehouse District in downtown Davenport once anchored the city’s thriving industrial trade along the Mississippi River. The five buildings that comprise Crescent Lofts were originally built from 1890 to 1918 and served as a paper box factory, a macaroni and cracker factory, a freight depot, and warehousing. Crescent Lofts is conveniently located in the heart of numerous dining, entertainment, and nightlife options in downtown Davenport, including close proximity to stores, museums, farmer’s markets, restaurants, and community events all within walking distance.
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THE buildings
GALLERY
DOWNTOWN DAVENPORT, IOWA
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DOWNTOWN DAVENPORT, IOWA
5
BUILDINGS
177
UNITS
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CHRIS CRUMP
Managing Director
504.722.1999
chris.crump@berkadia.com
TIM LEONHARD
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
MORTGAGE BANKING
RICHARD EVANS
Senior Director
richard.evans@berkadia.com
773.991.3321
ADAM TOMBERG
Director
425.999.1152
adam.tomberg@berkadia.com
RALPH DEPASQUALE
Managing Director
847.778.2187
ralph.depasquale@berkadia.com
MIKE TERRY
Director
425.761.1640
mike.terry@berkadia.com
INVESTMENT SALES
CHICAGO
125 S. Wacker Drive
Suite 400
Chicago, IL 60606
CONTACT US
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
5 BUILDING HIGH-QUALITY HISTORIC MULTIFAMILY
ADAPTIVE RE-USE WITH MIXED-INCOME PLATFORM:
well-calibrated to renter spectrum + industry
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AFFORDABLE HOUSING REQUIREMENTS
As a condition of obtaining the subsidized loans & credits, certain units at the property are governed by affordability provisions. Originally, approximately 68% of the units had some sort of affordable restrictions (120 affordable units), leaving 57 market rate units. Over the past nine months, some of these restrictions have been lifted, so as of July 2024, only 49% of the property is subject to affordable restrictions, leaving 90 market-rate units. Two of the buildings (5th Street Lofts and Kerker Lofts) are now 100% market rate while the other three buildings (Davenport Lofts, Waterloo Lofts & 4th Street/Sieg Iron Lofts) are a mix of market rate and affordable.
The Davenport Lofts, Waterloo Lofts and 4th Street/Sieg Iron buildings were placed in service in 2004, 2004, and 2006, respectively, under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require at least 87 units to be rented to income qualifying residents earning no more than 50% & 60% of the Area Median Income (AMI) limits, which are provided by the Iowa Finance Authority. The remaining units are unrestricted.
PETE EVANS
Senior Managing Director
312.407.6711
pete.evans@berkadia.com
BRANDON GRISHAM
Senior Managing Director
253.653.3313
brandon.grisham@berkadia.com
SEATTLE
601 Union Street
Suite 3909
Seattle, WA 98101
MILWAUKEE
833 East Michigan Street
Suite 950
Milaukee, WI 53202
51% of Units: Market-Rate
49% of Units: Affordable
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ASSUMABLE LOANS: 3 ZERO-INTEREST SUBSIDIZED + 2 FAnnie MAe