Acquisition and re-positioning of a 424 unit, 6 building apartment complex in Chicago, IL $17.0mm
The Rentus Group partnered with a leading real estate private equity firm to acquire this non-performing loan in May, 2010 for $17,000,000 representing a significant discount to the unpaid principal balance.
Renatus recognized the long term potential for the property to return to historical performance levels. Renatus made an aggressive offer (based on in-place cash flow), which was quickly accepted by the seller.
In April of 2013 Renatus sold the property for $28,500,000 for an IRR in excess of 33% and a 2.2x equity multiple.
Acquisition of a non-performing senior loan collateralized by a 35,000SF retail building.
In 4Q 2010 purchased a $55 million defaulted first mortgage secured by a 38,475 sf retail building one block off Union Square in San Francisco, CA. In the fourth quarter of 2012 the borrower sold the property and Renatus was paid off in full on the mortgage including all accrued interest.
Acquisition of a non-performing senior loan collateralized by 3 Hotels totaling 891 keys.
In 2Q 2011 acquired a $30 million Junior Participation and a $40 million Mezzanine Loan secured by 3 hotels in Orlando, San Diego, and San Francisco (891 total keys).
The loans were in maturity default as of April 2011. Since acquisition, the JV acquired the leasehold interests of the hotels.
In December 2013 one of the hotels, the Radisson Fisherman’s Wharf, was sold to Pebblebrook Hotel Trust for $132mm. The sale allowed the partnership to repatriate all invested equity while still maintaining ownership of the remaining two properties.