- May 28, 2013
(49 units + 7,000/sf of retail) – Naperville, IL
RSRC acquired a mixed-use property built in 2005 in downtown Naperville, Illinois. The property consists of 49 units and approximately 7,000/sf of ground floor retail in the very desirable downtown Naperville submarket. RSRC purchased the asset off-market from Old Second Bank, a community bank located in the western suburbs of Chicago. The residential units are master leased to North Central College, a neighboring university, at below market rents through 2017. The retail is fully leased to Giordano’s and Pandora.
RSRC purchased the property for $112,000/unit on the residential at approximately a 5.8% cap in-place. The anticipated hold for the project is six years with a projected IRR of 21.2% and a current yield component of 8%. Total project capitalization was $8.35 million with an equity requirement of $2.35 million and a loan of $6.0 million funded by Cole Taylor Bank.
|Project Capitalization / Loan (LTV):||$8,340,000 / $6,000,000 (72% Loan to Cost)|
|Structure:||JV between RSRC and Origin Capital Fund|
|Acquisition Date:||Dec – 2012|