Aries Capital Arranges $4.7 Million CMBS Loan for Retail Center in Virginia
CHICAGO – Aries Capital is pleased to announce that Eric Jones, vice president, from the firm’s Chicago office has secured a $4.7 million, non-recourse, CMBS loan for the Great Bridge Marketplace in Chesapeake, Virginia.
Located at 500 South Battlefield Parkway, the property is a 35,200 square foot, multi-tenant, retail building constructed in 2009. The loan was made on behalf of the property developer, Gerald Dixon. The borrower came to Aries Capital to reduce his balance sheet liabilities in order to obtain construction financing for future projects. The 10-year, non-recourse, CMBS loan features a 30-year amortization.
“The transaction was complicated by the property’s non-traditional retail tenants,” said Aries Capital’s Jones. “Obtaining historical financials and operating histories for many of the tenants was difficult. However, because Mr. Dixon is a strong and qualified borrower, and the property is in a high-traffic and stable retail market, we were able to arrange a loan that will enable him to pursue future construction projects while reducing his current obligations.”
About Aries Capital
Aries Capital, (www.ariescapital.com) is a national full service commercial mortgage and real estate investment banking firm with offices in Chicago, Houston, Phoenix, Miami and Peoria, Illinois. Since 1991, Aries and its affiliates have arranged and/or directly funded over $5 billion in debt and equity for office, retail, multifamily, healthcare, hotel/lodging, industrial and special‐purpose properties in the United States and Caribbean. The company, through its affiliates such as the Urban Development Fund (www.urbandevfund.com), has also provided over $500 million in tax credit and mezzanine financing. Aries provides permanent and interim financing through direct correspondent relationships with Wall Street CMBS lenders, life companies, hedge funds, regional banks and other institutional investors.
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