- June 03, 2016
(36 units + retail) – Chicago, IL
1819 Lofts is a 36-unit Class A condo complex recently completed on the main commercial strip of the infill Wicker Park neighborhood of Chicago. In addition to the apartments, the ground floor houses approximately 8,650sf of retail/commercial space and surface parking for 36 cars. The developer was a well-known Chicago-based group which was planning on selling the units individually as condos. RSRC opportunistically offered on the property in a bulk buyout scenario believing that the project will make the ideal mixed-use property in this high barrier neighborhood. The commercial space represents additional upside in the project, as this is a highly sought-after location for retail and commercial uses alike. The commercial and residential spaces were vacant at acquisition. RSRC has leased up the entire building, and completed refinancing in April 2017. The project returned 34.75% of original invested equity after refinancing.
|Project Capitalization / Loan (LTV):||$15,400,000 / $12,615,000|
|Structure:||RSRC and Syndication|
|Acquisition Date:||April – 2016|