Pangea Apartment Portfolio

Location: Chicago, IL
Type: Multifamily
Price: $ 5,655,000

The Pangea Apartment Portfolio is collateralized by 12 non-contiguous apartment buildings with a total of 214 residential units and 9 ground-floor retail units in Chicago, Illinois. When the Borrower acquired the 12 properties, the portfolio had an average occupancy of 35.09%. Since that time the Borrower invested significant capital improvements to stabilize the subject portfolio to the loan closing average occupancy of 95.5%. SMC’s $5,655,000 first mortgage loan closed in 34 days from application to funding.