October 2013

FIDES Capital Partners, LLC (“FIDES”) announces a joint venture with a family office on the acquisition of a $4.2 million, 56-unit broken condominium property in Geneva, IL.  FIDES was responsible for sourcing, underwriting, and financing the acquisition.  FIDES also developed the asset plan, which includes converting the asset to a straight multifamily rental property.  “This acquisition was very challenging” said Gregg Handrich of FIDES “as it entailed the negotiation of a short-sale agreement with the prior owner and lender, and the negotiation and purchase of the previously sold condominium units.  FIDES was not the high bidder, but the owner and seller were comfortable that FIDES could understand and close this complicated acquisition.  The upside in improving the management and physical condition of the asset will be worth the effort.”  FIDES will oversee the value-add strategy which includes upgrading both the interior and exterior of the asset as well as re-branding and upgrading the property’s position in the market.