Chicago Apartment

Property Summary

Type: Multi-family
Size: 239 units
Location: Chicago, Illinois

Acquisition Summary

Source: Off-market
Investment: $5.5 million
Ownership: Second mortgage, 100% equity interest

Transaction Overview

Equity Resource Fund 2013 (F2013) invested $5.5 million to acquire the second of three mortgages and 100% of the equity in a high-rise apartment complex located in Chicago, Illinois. F2013 acquired this formerly distressed asset from a partnership that has limited capacity to fund capital needs. The second mortgage is subordinate only to a modest first mortgage, providing a low leverage investment. The property is in an improving area of Chicago and benefited from an infusion of capital.