20 Multi-family Properties NY

  • 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.