Pangea 2 Apartment Portfolio

Location: Chicago, IL
Type: Mixed Use
Price: $ 9,300,000

The Pangea 2 Apartment Portfolio is collateralized by 19 non-contiguous, apartment buildings with a total of 261 residential units and 4 ground-floor retail units in Chicago, Illinois. Built between 1901 and 1935 (except for one, which was built in 1962), the 12 buildings are 2 and 4-story walk-ups and are located in densely populated residential communities throughout the West Side (12 properties) and South Side (6 properties) of Chicago. When the Borrower acquired the 19 properties in various transactions from January 1, 2009 through July 31, 2010, the portfolio had an average initial occupancy of 40.3%. Since that time the Borrower has invested significant capital improvements to stabilize the subject portfolio to its current occupancy of 94.0%. SMC’s $9,300,000 first mortgage loan refinanced existing debt and there was approximately $2.44 million of equity remaining (LTC=79.2%) in the transaction.