Aries capital has secured Freddie Mac, Fannie Mae & CMBS loans for multifamily, hotel and retail properties in Illinois, Ohio, Virginia, and California.
Chicago Retail with Multifamily Property
• $2.432 Million Fannie Mae Loan • Arranged by Eric Jones, Chicago Office • Non Recourse, 10-Year Fixed Rate • 4.23% with a 30-Year Amortization • Loan Represents 115% of the Total Cost Basis (Property Owned < 1 Year)
Located at 854 W. Armitage in Chicago’s Lincoln Park neighborhood, the building features five newly-remodeled apartment units and ground level retail. This is the fourth loan Aries Capital has completed for borrowers Douglas Crocker II and partners, with two additional loans underway.
“Despite having only owned this property for over a year, Aries Capital was able to secure us a favorable loan by demonstrating our experience and track record, and utilizing their resources within the industry,” said Crocker. “They continue to demonstrate their professionalism and ability to provide loan alternatives to their clients and it’s why we’ll continue to bring them loans to source on our behalf.”
Virginia Retail Property
• $4.7 Million CMBS Loan • Arranged by Eric Jones, Chicago Office • Non Recourse, 10-Year Fixed Rate • 30-Year Amortization and 75% LTV
Located in Chesapeake, VA, Great Bridge Marketplace is a 35,200 square foot, multi-tenant, retail building. Despite the property’s non-traditional retail tenants, Aries was able to demonstrate the strength of the borrower and location to arrange a loan that will enable owner Gerald Dixon to pursue future construction projects, while reducing his current obligations.
Ohio Hotel Portfolio
• $11.55 Million CMBS Loan • Arranged by Rushi Shah, Chicago Office • Non Recourse, 10-Year Fixed Rate • 25-Year Amortization and 70% LTV
After another broker and lender failed to deliver, and with thousands of dollars already sunk into the deal, borrower Andy Vasani of InnVite Hospitality asked Aries to step in to secure financing for the refinance of two limited service hotels and the acquisition of a third, all within the Columbus, OH area. Aries was able to salvage the third party reports that the borrower had already paid for, and closed the deal with one of our reputable capital sources within just 35 days. The borrower also received cash out for future growth.
“Aries Capital’s focus and relentless pursuit for closing my deal went above and beyond their deep relationships with Wall Street lenders; they were instrumental in bringing the right resources to get the deal done including an option for mezzanine financing and an alternative title company if it became necessary” said Vasani.
California Multifamily Property
• $8.79 Million Freddie Mac Loan • $1.125 Million Cash Out • Arranged by Eric Jones, Chicago Office • Non Recourse, 10-Year Fixed Rate • 4.05% with 30-Year Amortization and 70% LTV
La Plaza Villa apartments is a 3.3-acre, 74-unit multifamily apartment complex in Guadalupe, a small town along the Pacific Coast Highway outside of Santa Maria, CA. This is the second time Aries has financed the property for borrowers Brad Vernon and Damien Mavis. When treasuries dropped significantly during underwriting, Aries was able to lock in a very favorable rate for the borrowers and push proceeds, just a few weeks prior to closing.
“Eric Jones and Aries Capital again made our multifamily refinance easy. They brought us multiple options and executed our preference flawlessly. This is the second time Aries has demonstrated their expertise and used their knowledge and resources to secure us with successful financing. We will definitely be back with our future financing needs,” said Mavis.
