Washington, DC (PRWEB) June 25, 2010
FutureGen Capital operates a private equity fund that is targeting multi-family properties, commercial bridge loans, tax lien investments and distressed debt assets within the United States. We specialize in capital and asset management through strategic investment services targeting options in commercial and investment real estate, allowing more opportunities for portfolio diversification for Accredited Investors.
The subject property consists of an 11 story, high rise apartment building constructed in 1953 containing a total of 217 apartment/condo units. Of the total units, 35 have been sold as condominiums and are individually owned. The remaining 182 units are owned by Mr. Michael Hannon. The loan will be secured by 53 free and clear units with the purpose of multi-family use, of which 37 are currently rented. The purpose of the loan is to bring all the units online to rent and the remaining cost of rehabilitation is approximately $100,000. The property has been refinanced as a multi-family property.
The units range in size from 388 sq/ft to 1100 sq/ft. The units are comprised of studio, one, two and three bedrooms.
The borrowing entity is a single purpose LLC owned wholly by Michael Hannon. Mr. Hannon has invested approximately $3,000,000 into the property, and has clear concise plans for the Rorick to operate as a multi-family property.
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