Aries Capital announced that Eric Jones, vice president, from the firm’s Chicago office has secured a $4.7 million, non-recourse, CMBS loan for the Great Bridge Marketplace in Chesapeake, Virginia.
Located at 500 South Battlefield Parkway, the property is a 35,200 square foot, multi-tenant, retail building constructed in 2009. The loan was made on behalf of the property developer, Gerald Dixon. The borrower came to Aries Capital to reduce his balance sheet liabilities in order to obtain construction financing for future projects. The 10-year, non-recourse, CMBS loan features a 30-year amortization.
“The transaction was complicated by the property’s non-traditional retail tenants,” said Aries Capital’s Jones. “Obtaining historical financials and operating histories for many of the tenants was difficult. However, because Mr. Dixon is a strong and qualified borrower, and the property is in a high-traffic and stable retail market, we were able to arrange a loan that will enable him to pursue future construction projects while reducing his current obligations.”
