Illinois Archives | F Street

F Street, CKO pumping $35M into distressed South Side apartments

Mike Doney — Mon, 29 Apr 2024 01:12:07 +0000

THE REAL DEAL

Chicago landlords Chikoo Patel and Shai Wolkowicki are adding 518 apartments to their South Side holdings, through a plan to buy four distressed portfolios in partnership with a Milwaukee-based firm, they said.

Patel and Wolkowicki’s CKO Investments is teaming up with Scott Lurie’s F Street Investments to spend $35 million on 19 buildings in Hyde Park and South Shore, properties plagued with various financial conundrums, including foreclosures and allegations of mismanagement.

In a presentation to potential investors on Thursday, the firms said they’ve locked in deals with lenders on three of the four portfolios to assume their existing debt packages with interest rates between 3.99 and 4.6 percent, sparing the buyers from today’s higher interest rates.

The deal will come to about $68,000 per unit on average across all of the portfolios, and projected they can bring the portfolio’s value up to a little more than $108,000 per unit with new management and renovations, which are expected to cost $27,000 per unit.

“We’re seeing more bank-owned real estate and more distressed real estate. We see great opportunities in the market and these are certainly some of those,” Lurie said during the presentation.

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F Street Announces the Launch of its Value-Add Multifamily Fund (VAM Fund 1 LLC) for Accredited Investors

Mike Doney — Mon, 22 Apr 2024 06:00:04 +0000

PRESS RELEASE

Milwaukee, WI – [April 22, 2024] – F Street is pleased to announce the launch of VAM Fund 1 LLC, a multifamily investment vehicle offered exclusively to accredited investors. VAM Fund 1 LLC focuses on acquiring distressed multifamily assets, renovating the units, and leasing units at market rates to generate substantial returns for investors.

Experienced Partners Lead the Way
F Street has partnered with Shai Wolkowicki and Chikoo Patel of CKO Real Estate, real estate industry veterans with extensive experience in the multifamily asset class, to operate and manage VAM Fund 1 LLC. Their expertise and past successes complements F Street’s proven track record, ensuring a strong foundation for the fund’s success.

Capitalizing on Distressed Assets
VAM Fund 1 LLC represents the first in a series of Value-Add Multifamily (VAM) investment funds planned for launch over the next 12-24 months. The strategy capitalizes on the opportunity to acquire distressed multifamily assets at a discount, unlocking their value through renovations and strategic re-leasing.

Hyde Park and South Shore Take Center Stage
VAM Fund 1 LLC offers a unique opportunity to invest in the acquisition of 492 multifamily units across 21 properties in Chicago’s Hyde Park and South Shore neighborhoods. This is your chance to own a fractional equity interest in this multifamily portfolio that are positioned well to benefit from current economic conditions.

Investor-Centric Approach
F Street’s investment thesis prioritizes investor returns. In fact, the structure of this investment ensures that all free cash flow is distributed to investors until their investment is returned in full. By acquiring properties at a discount, renovating units, and re-leasing at market rents, VAM Fund 1 LLC aims to:

Increase net operating income and asset value
Generate equity for investors
Refinance the investment to return a significant portion of invested capital within the first 24-30 months
Manage the property and provide ongoing cash flow distributions to investors.

Join Us in This Exciting Opportunity
F Street and CKO Real Estate are seeking to raise $15.3 million for VAM Fund 1 LLC, with the sponsor group itself contributing at least $1.5 million. The offering is open to accredited investors only, with a minimum investment of $50,000.

Interested investors are encouraged to visit www.fstreet.com to invest or contact F Street to discuss the investment in more detail. Don’t miss out on this chance to be part of this promising investment opportunity!

Contact:
Josh Lurie
Principal / VP Investor Relations
josh@fstreet.com
(414) 315-3190

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Jeffers and F Street forge partnership on historic campus redevelopment

Mike Doney — Fri, 27 Oct 2023 16:34:50 +0000

MILWAUKEE BUSINESS JOURNAL

Two Milwaukee developers partnered to lock in the financing for the first phase of an up to $500 million redevelopment of the former Barber-Colman Co. campus in Rockford, Illinois.

The recent closing on $106 million in financing is a first collaboration between J. Jeffers & Co. and F Street, both of Milwaukee. After talking about a possible collaboration for years, Josh Jeffers and F Street founder Scott Lurie decided the Colman Yards redevelopment in Rockford was a good place to make it happen.

“It lends itself so well to having a lot of different skill sets and perspectives, and in just the last several months we’ve been working on this together I can definitely say the sum has been greater than the individual parts,” Jeffers said.

Interested in learning more or investing? Start here.

Available to accredited investors.

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F Street and J. Jeffers & Company Announce Investment Collaboration

Mike Doney — Thu, 14 Sep 2023 18:04:38 +0000

PRESS RELEASE

MILWAUKEE, Wis. – September 14, 2023 – In a groundbreaking partnership, F Street and J. Jeffers & Company proudly announce their real estate investment collaboration. Both Milwaukee-based companies are known for their transformative development projects throughout the region and beyond and will work together on select projects such as Jeffers & Co.’s Belle City Square in Racine, Wisconsin, and the upcoming Multi-phase, Masterplan District, Colman Yards in Rockford, Illinois.

Jeffers & Co. is known for their mission-based real estate development approach and will build on the success of these catalytic projects by collaborating with F Street’s innovative investments approach. “By teaming up with J. Jeffers & Company, we’re combining expertise and passion to create something truly special,” says Scott Lurie, founder of F Street. “This isn’t just about constructing buildings; it’s about building communities for the benefit of generations to come.”

Rendering of Colman Yards in Rockford, IL

Rendering of Belle City Square in Racine, WI

Joshua Jeffers of J. Jeffers & Company added, “It’s always been our mission to be a part of projects that impact communities positively. With F Street’s shared vision, the potential for projects that build lasting value and deliver catalytic impact is limitless. We’re excited to witness the transformative change this new collaboration will bring to new and existing projects.”

For those interested in more details about the Colman Yards investment opportunity for accredited investors, please visit https://fstreet.com/colmanyards.

Development Information: https://bellecitysquare.com / https://colman-yards.com

About F Street

Founded in 2008, F Street invests and maintains ownership stakes in businesses across several verticals, including real estate lending, development & acquisition, and investments in emerging market technologies. Our focus continues to be on finding opportunities that maximize returns and wealth creation.

About J. Jeffers & Company

Founded in 2012 by Joshua Jeffers with the goal of building a different kind of real estate firm. One that embraces real estate development as a powerful vehicle for enhancing communities and creating value for both our investors and the communities we work in. J. Jeffers is a company built on the principles of Accountability, Integrity, and Perseverance, all of which we believe are essential for achieving high-quality outcomes for all our partners and stakeholders.

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For media inquiries, please contact:

Nick Jung
Director of Development
(612) 810-7023
nick@fstreet.com

Brian Loftin
Director of Development
(414) 803-4625
boftin@jjeffers.com

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