Pangea 3 Apartment Portfolio

Location: Chicago, IL
Type: Multifamily
Price: $ 15,300,000

The Pangea 3 Apartment Portfolio is collateralized by 21 non-contiguous, apartment buildings with a total of 454 residential units in Chicago, Illinois. Built between 1903 and 1964, the 21 buildings are 3 and 4-story walk-ups and are located in densely populated residential communities throughout the South Side of Chicago. When the Borrower acquired the 21 Properties in various transactions from February 2010 through June 31, 2010, the Portfolio had an average initial occupancy of 40.8%. Since that time, the Borrower invested significant capital improvements to stabilize the Subject Portfolio to its current occupancy of 92.7%. SMC’s $15,300,000 first mortgage loan refinanced existing debt and there was approximately $4.6 million of equity remaining (LTC=76.8%) in the transaction.