Pangea 4 Apartment Portfolio

Location: Chicago, IL
Type: Multifamily
Price: $ 5,700,000

The Pangea 4 Apartment Portfolio is collateralized by 7 non-contiguous, apartment buildings with a total of 160 residential units and six ground floor commercial units in Chicago, Illinois. Built between 1904 and 1962, the 7 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 7 Properties in various transactions from February 2010 through June 31, 2010, the Portfolio had an average initial occupancy of 42.6%. Since that time, the Borrower invested significant capital improvements to stabilize the Subject Portfolio to its current occupancy of 89.2%. SMC’s $5,700,000 first mortgage loan refinanced existing debt and there was approximately $1.85 million of equity remaining (LTC=75.5%) in the transaction.