Aries Capital Arranges $8.79 Million Loan with $1.125 Million in Cash out for California Multifamily Property
CHICAGO – Aries Capital is pleased to announce that Eric Jones, senior vice president, from the firm’s Chicago office has completed an $8.79 million, non-recourse, Freddie Mac loan for the La Plaza Villas in Guadalupe, California.
The La Plaza Villa apartments are located at 736-754 Olivera Street in Guadalupe, a small town situated along the Pacific Coast Highway outside of Santa Maria, California. Constructed in 2006 and 2007, the 3.3-acre property features 74 multifamily apartment units. Aries Capital previously arranged a seven-year Fannie Mae loan in 2008 for Borrowers Brad Vernon and Damien Mavis of Olivera Street Apartments, LLC.
“It is a pleasure to work with such experienced developers and operators a second time,” said Jones of Aries Capital. “The timing of the new loan worked out well, as the treasuries dropped significantly during underwriting. We were able to lock in a good rate for the borrowers, as well as push proceeds, just a few weeks prior to closing.”
The new 10-year, fixed-rate Freddie Mac loan was closed at a rate of 4.05% and features a 30-year amortization with a 70% loan-to-value ratio. Aries Capital also secured $1.125 million in cash out for the borrowers for future projects.
“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.
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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