Senior Vice President Jeff Bucaro, from Aries Capital‘s Chicago office, has completed a $5 million CMBS loan for a nine-property multifamily portfolio on Chicago’s South Side. The loan features a 10-year term, 30-year amortization and a 75% loan-to-value ratio.
“The borrower has done an excellent job of acquiring and renovating a nice portfolio of properties which had been financed with full-recourse bank debt.” said Bucaro. “We were able to provide the borrower with a 10-year non-recourse loan at higher than typical leverage for that market.”
The sponsor of the transaction, an affiliate of McKenzie Management, has been acquiring and renovating properties on the South Side of Chicago for the past eight years.