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Please note that the Securities and Exchange Commission has cautioned investors about unsolicited "mini-tender" offers for investment shares below market value. To learn more, investors may visit the SEC's site devoted to this topic at www.sec.gov/
investor/pubs/
minitend.htm. |
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Coursey Place Apartments
Baton Rouge, Lousiana |
The Property
Evergreen at Coursey Place Apartments is a 352-unit community built
in 2003. The property offers a variety of one-, two- and threebedroom
apartments in 18 two- and three-story buildings. Residents
enjoy an extensive amenity package which includes: controlled access
gates, BBQ/picnic area, children’s playground, business center,
clubhouse and fitness center, pool with sundeck, sand volleyball court,
guest suite and car care center. The site includes two lakes and a
nature trail. There are 60 garages located throughout the project.
Coursey Place is centrally located relative to Baton Rouge’s major
suburban employment centers, four major medical complexes and its
largest retail destination. |
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Paladin Advantage
Paladin REIT's investment was made in conjunction with a
recapitalization of this luxury rental apartment community. Paladin
REIT acquired a 51.7% interest in Coursey Place at a discount to the
property’s appraised value. The recapitalization included the
replacement of unfavorable debt with a new 10-year first mortgage
loan at a fixed interest rate of 5.07%. The recapitalized Coursey Place
is expected to generate attractive cash flow in a recovering market.
Paladin REIT's investment represents approximately 75% of a
preferred equity position. Paladin REIT will receive a priority return of
10.0% annually from property cash flow. The preferred equity (of
which Paladin REIT is 75%) will receive a priority return of capital and
a 15% internal rate of return (IRR) upon sale. This structure provides
Paladin REIT with priority current and total returns, capital protection,
and the ability to participate in property appreciation. |
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PALADIN REIT
Paladin REIT provides individual investors access to institutional real
estate opportunities. We have experience in multiple property types
and geographic markets and expertise in a wide range of valueenhancement
strategies and structures. Our investment objectives are
to protect capital, pay a stable distribution, participate in potential
real estate asset appreciation upon the ultimate sale of our properties
and provide liquidity to our investors beginning in February 2015. |
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| Investment Date |
July 2011 |
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| Total Capitalization |
$35,220,000 |
| Debt |
28,500,000 |
| Equity |
6,720,000 |
| Paladin REIT Initial Investment |
5,000,000 |
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