Aries Capital has arranged a $9.3 million permanent loan for the 23-unit apartment building at 858 N. Franklin in Chicago.
The newly-constructed six-story building is adjacent to the MK restaurant in the city’s popular River North neighborhood.
The 10-year fixed rate non-recourse loan with 30-year amortization was secured at 100% of the total cost basis. The borrower was able to lock after only one month of rent collections.
Eric Jones of Aries Capital arranged the loan on behalf of borrower Douglas Crocker II and partners. Crocker is a senior advisor at Pearlmark and former chairman of the firm’s multifamily platform, with more than 40 years of real estate experience.