Eric Jones, vice president from Aries Capital’s Chicago office, has completed a loan for two multifamily properties in Chicago’s Lincoln Park neighborhood totaling $2.73 million. Fannie Mae was the investor in the transaction.
The two apartment complexes include 10 residences and two commercial spaces and are located within the Lincoln Park neighborhood on Chicago’s North Side. The 10-year, non-recourse loan arranged by Aries Capital features a 4.03 percent rate and a 30-year amortization.
The borrowers, Douglas Crocker II and Matt McHugh, are well-versed in Chicago’s multifamily market. Crocker is the former president/CEO and vice chairman of Equity Residential, which owns and operates more than 225,000 apartment units throughout the country. McHugh is the managing member of the Affito Group and manages both Lincoln Park apartment properties.