- June 01, 2013
(73 units + retail) – Chicago, IL
RSRC acquired a distressed 66-condominium project plus retail in Chicago’s infill West Loop submarket in June 2013. The property had 6 condominium owners and was approximately 50% occupied at acquisition. The project required $1.3 million of construction to complete approximately 20 unfinished units, add 7 new units, a fitness center, two outdoor amenity spaces and upgrades to the lobby and clubroom. The property was re-branded and leased up as apartments and now consists of 73 units. RSRC completed a $17.4 million refinance with Berkadia Capital which returned 62% of the original equity invested in the deal and sold the property in February 2016.
|Project Capitalization / Loan (LTV):||$19,150,000 / $13,750,000|
|Structure:||JV between RSRC and Origin Capital Fund|
|Acquisition Date:||June – 2013|