The real estate investment platform RealtyMogul launched an offering for an equity investment in a mixed-use development in Chicago.
The 1802 Berenice project will soon be one of the first Class A flex office facilities offered in Chicago’s near north side neighborhood. The mixed-use building will have 44 residential units and approximately 47 private offices.
The ground-up development is set to begin construction in March with the first units projected to be delivered in April 2024 and project stablization in April 2025. The six-story podium building will also have a cafe, indoor and outdoor lounge area, meeting and conference rooms and a high-tech fitness facility.
The building site was purchased for $3.1 million in April 2020. The projected total cost of the development is $20.5 million and at the time of sale is expected to yield a target internal rate of return (IRR) of 20.6% for investors.
- Minimum investment: $35,000
- Target IRR: 20.6%
- Target equity multiple: 1.82x
- Target investment term: four years
The principal sponsors of the offering, Landrosh Development LLC and Macon Construction, are providing 21% of the total required equity for the project.
Founded in 1998, Macon Construction’s staff has an average of more than 25 years of experience in the construction industry. As a general contractor offering a wide range of construction services, the company has completed 37 projects. Combined, the development sponsors have completed more than $467 million in aggregated projects since 1999.
Photo courtesy of RealtyMogul
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