Asset Class: Seniors Housing
Location: Decatur, GA
Acquisition: March 2017
Status: Active
Size: 62-unit memory care community
Description: Palatine acquired a distressed, purpose-built memory care property in a transaction facilitated by the seller’s lender. Palatine quickly assessed the property and developed a capital and operational improvement plan to address deferred maintenance, renovate the property, and upgrade the management and care. In order to maintain the integrity of the property’s operations during the sale, Palatine executed a cooperative and efficient transaction process with the seller and its lender.
Asset Class: Parking
Location: Nashville, TN
Acquisition: June 2015
Status: Active
Size: 301-stall parking garage with 8,065 SQFT of retail
Description: Palatine bought a well-located parking garage encumbered with a long-term, fixed-rate loan. The seller chose Palatine as the buyer due to their confidence in Palatine’s ability to manage the complexity and timing associated with the loan assumption, which Palatine accomplished promptly.
Asset Class: Multifamily
Location: Orlando, FL
Acquisition: April 2014
Status: Sold June 2016
Size: 408-units
Description: Palatine acquired a value-add, multifamily property that was encumbered with two separate loans, one of which practically had to be assumed upon purchase, previously causing the property to fall out of contract twice. Palatine efficiently executed the purchase by finding a solution to the loan assumption where prior potential buyers had fallen short.
Asset Class: Multifamily
Location: Schaumburg, IL
Acquisition: February 2014
Status: Sold June 2016
Size: 300-units
Description: Palatine recapitalized a distressed multifamily property undergoing a significant renovation, which had stalled due to a partnership dispute by acquiring one of the two partner’s interests. Palatine subsequently executed the balance of the capital improvements and stabilized and sold the asset. This investment showcases Palatine’s ability to navigate complex partnerships and joint-venture structures, as well as its capacity to execute a comprehensive asset repositioning.
Asset Class: Self-Storage
Location: Norfolk, VA
Acquisition: December 2017
Status: Active
Size: 78,000 square feet
Description: Palatine acquired a 25,000 square foot self-storage facility with the potential for a 53,000 square foot adjacent expansion. Palatine worked quickly to evaluate the existing asset and the additional development potential. Palatine closed on the investment all-cash, while simultaneously working to secure a construction loan to capitalize the expansion. Palatine successfully acquired this distinct, self-storage asset with a business plan that required significant operational and construction acumen.
Asset Class: Multifamily
Location: Atlanta, GA
InvestmentDate: June 2014
Status: Substantially Realized in October 2017
Size: 165-units
Description: Palatine made a preferred equity investment to partially capitalize the development of a multifamily property. Palatine partnered with a developer that was seeking the flexibility to potentially own the asset long-term. Palatine designed a preferred structure that provided Palatine with seniority rights in exchange for equitizing a portion of the investment at a fixed rate of return. The developer successfully completed, stabilized, and refinanced the project using a portion of the refinance proceeds to repay Palatine’s preferred position.
