Aries Capital has secured a $45.3 million first mortgage loan for the Clark Adams Building located at 105 W. Adams in Chicago’s Central Business District. The firm’s Senior Vice President, Jeff Bucaro, was the originator.
Aries Capital provided the borrower with multiple loan solutions including a CMBS loan, a hybrid CMBS/Bridge loan, and a floating rate loan. Ultimately the borrower selected the floating rate loan, and swapped out $27 million into a five-year fixed rate. The remaining balance of the loan is pre-payable without penalty in the event the tenant exercises its purchase option. The blended rate was priced at 4.19 percent.
The 41-story, 456,000 square foot office property is centrally located in the heart of Chicago’s financial district. It is adjacent to the Federal Government Core, a multi-building area including federal courts and agency offices. Tenants of the Class B office property include the Club Quarters Hotel, The University of Chicago Graduate School of Business, Northwestern University, Starbucks, Elephant & Castle Pub and Chase Bank.
