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.
In April of 2014, The Renatus Group closed on the purchase of 338-340 Bowery, a 18,000 SqFt, 4- story building that is currently designated an S.R.O. (Single Room Occupancy).
In June of 2015, the Renatus Group acquired a pair of contiguous 25-foot wide mixed–use properties on one of Manhattan’s most vibrant retail corridors located at 55-57 Spring Street New York NY.
Acquisition of approximately 250 small balance loans totaling $350mm from the nations largest bank.
Renatus sourced, underwrote and advised a publicly traded company in the acquisition of a performing small balance loan pool.
Renatus worked hand-in-hand with one of the largest special servicers to underwrite and inspect almost 100 assets in only 10 days.
Renatus worked directly with top executives to close the transaction in less than 14 days from execution of a purchase contract.
Due to the intricacies of the transaction debt was not available at the time and the acquisition was complete with all equity.
The acquisition is projected to be roughly a 12% IRR on an unleveraged basis which represents an excellent premium when compared with trying to originate new loans for similar assets.
Acquisition of a NPL collateralized by 20 Multi-family properties in Port Chester, NY.
In November 2011 Renatus acquired two non-performing loans collateralized by 20 multi-family properties in Port Chester, NY for $3.0mm or roughly 29% of the unpaid principal balance.
Renatus syndicated the required equity to a group of local HNW individuals in the neighboring town of Greenwich, CT.
Renatus took title to the properties via sheriff sale in January 2012.
All properties are managed in-house through the property management affiliate TRG Management
In only 3 month TRG was able to improve collections to almost 98% and through renovation and aggressive management bring occupancy up to almost 100% of available units.
The business plan calls for a steady sale of individual properties to maximize profit and is on pace to produce an IRR of roughly 35% and a 2.0 x equity multiple.
