Pangea 6

Location: Chicago, IL
Type: Multifamily
Price: $ 13,800,000

The Pangea 6 Apartment Portfolio is collateralized by 18 non-contiguous, apartment buildings with a total of 362 residential units in Chicago, Illinois. Built between 1917 and 1979, the 18 buildings are 2 and 3-story walk-ups and are located in the densely populated residential communities in the West Side (3 of the Properties) and the South Side (14 of the Properties) of Chicago, and the Town of Sauk Village (one Property). When the Borrower acquired the 18 Properties in various transactions from March 2011 through December 2012, the Portfolio had an average initial occupancy of 55%. Since that time, the Borrower invested significant capital improvements to stabilize the Subject Portfolio to its current occupancy of 94%. AMC’s $13,800,000 first mortgage loan refinanced existing debt and there was approximately $7.8 million of equity remaining (LTC=64%) in the transaction.