Aries/Conlon Capital arranged a $3.4 million loan for the refinance of the Golf Higgins Center in Hoffman Estates, Illinois on behalf of the property’s owner Jagmohan Jayara.
The firm also helped secure the area’s first Ace Hardware store as the property’s anchor. Aries/Conlon Capital Principal and CEO Rushi Sah arranged the financing and is also co-owner of the Ace Hardware Store.
The property is located at 675 W. Golf Road and the 28,308-square-foot retail strip mall was previously anchored by Tiger Direct.
“The borrower was looking to refinance his maturing bank loan and needed a tenant that would underwrite well for the lender,” said Shah. “I knew the village was looking to attract a local hardware store. In addition, my friend Mike Patel, who had managed the Skokie Ace Hardware for 24 years, was interested in opening his own store. Several conversations later and the result was a win for everyone.”
The non-recourse bridge loan Aries/Conlon Capital secured not only paid off the borrower’s existing loan, it also enabled the funding of the necessary tenant improvements to open the Hoffman Estates Ace Hardware store. It will be refinanced to permanent debt in the future.
The grand opening of the store will take place on Sept. 15 at noon.