Pangea 5 Apartment Portfolio

Location: Chicago, IL
Type: Multifamily
Price: $ 10,800,000

The Pangea 5 Apartment Portfolio is collateralized by 18 non-contiguous, apartment buildings with a total of 281 residential units in Chicago, Illinois. Built between 1923 and 1937, the 18 buildings are 2 and 4-story walk-ups and are located in densely populated residential communities throughout the South Side and West Side of Chicago. When the Borrower acquired the 18 Properties in various transactions from February 2011 through April 2012, the Portfolio had an average initial occupancy of 60.2%. Since that time, the Borrower invested significant capital improvements to stabilize the Subject Portfolio to its current occupancy of 93.2%. AMC’s $10,800,000 first mortgage loan refinanced existing debt and there was approximately $3.2 million of equity remaining (LTC=77%) in the transaction.