Contact:    Andrew Shook e: andrew@brightlightcre.com  p: 919.659.5CRE (5273)

 

Subject Property

 

475 Door Chicago Single Family Rental portfolio


Property Type:  Single Family Rental

Transaction:  Acquisition

Occupancy:  97%

Sponsor: Institutional Quality Sponsor. 15,000+ units. 3.5+ million sq ft.

Management Company:  Sponsor

Property Class:  Class B Single Family Rental

Metro Area:  Chicago, IL

MSA Rank:  Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area- #3

Population:  ~9.5 million | +0.95% growth

 

Requested Loan Amount & Structure

CAPITAL STACK


Purchase Price $50,000,000


Senior Loan Request $40,000,000
Buyer Equity $10,000,000



$50,000,000


REQUESTED LOAN STRUCTURE
Senior Loan Request $40,000,000
LTC 80.0%
Term 5- 7-, 10- yrs
Recourse Negotiable


Exposure
Price / Unit $105,263.16
Price PSF $95.61
Loan / Unit $84,211
Loan PSF $76

 

Business plan

Acquire --> INCREASE Rents --> Hold for Income

 

Overview

  • 95% Occupied
  • 475 doors
  • 523,000 total square feet / ~1,1123 square feet per unit
  • Average Rents: $1,351/unit, $1.20 psf
  • ~$7.7 million EGI in place
  • T12 NOI: $4.6 million
  • Tenants are Section 8 with long term leases and permissible rent increases

key TRANSACTION dates

  • Contract Hard Date:  May 5, 2017 Expected
  • Closing Date:  June 5, 2017 Expected

 

Supporting Documentation AVAILABLE:


Sponsor

  • Institutional Quality
  • 2 Generation Family Sponsorship
  • Owns more than 15,000 units
  • 3.5+ million square feet