Representative Cinterra Transactions
Investment Type: |
12 unit condominium development
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Location: |
Ashland Ave.
Chicago, IL
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Financing: |
Cinterra Capital Partners Fund I:
Mezzanine Debt $630,000
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Investment Strategy: |
Land Acquisition, New Development |
Investment Description:
Cinterra provided a $630,000 mezzanine loan for the acquisition and construction of two six unit condominium buildings in Chicago’s popular Wrigleyville neighborhood.
The property was acquired below market value, instantly creating additional equity in the land. Cinterra’s track record in this area and the developer’s experience building this type of product mitigated many of the possible risks including construction costs and the as completed value.
Status: Open
Investment Type: |
SFH
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Location: |
Sheridan Rd
Chicago, IL
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Financing: |
Cinterra Capital Partners Fund I:
First Mortgage $315,000
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Investment Strategy: |
Bridge Loan |
Property Description:
A seasoned developer was sourced by Cinterra to refinance the existing debt of a luxury single family home on the north side of Chicago.
The original lender, due to the credit market of 2007 did not extend its note and mortgage. The lender filed a non-monetary foreclosure and lis pendens against the property. Cinterra purchased the note and mortgage with title insurance issued in 2003. A recent appraisal valued the home at $2.7 million. Cinterra’s LTV is 12%.
Status: Open
Please contact us here to learn more about other completed and current transactions.
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