Aries Capital Secures $4.72 Million Non-Recourse Loan for Refinance of Two Commercial Condos in Chicago's River North Neighborhood
CHICAGO – Aries Capital has secured a $4.72 million non-recourse permanent loan for two commercial condominium units at 217 and 233 W. Huron in Chicago. The units total 13,720 square feet and are located in a six-story timber loft building consisting of 100 residential condos and 29,000 square feet of commercial space in the city’s River North neighborhood. Aries Capital’s Chairman and CEO Neil Freeman and Executive Vice President Andrea Riegsecker arranged the 10-year fixed rate, CMBS loan with 30-year amortization on behalf of an entity affiliated with The Lord Companies, LLC.
The new financing allowed the borrowers to refinance an existing bridge loan Aries Capital had placed for them in 2014 when the units were vacant. The Lord Companies’ President and General Partner Keith Lord and Executive Vice President Scott Fithian successfully leased up the units to qualify for more permanent debt. Current tenants include restaurant Oak + Char and Chicago Children’s House preschool and childcare.
“Aries was once again outstanding to work with on the refinance. This is our fourth time working with Aries and they clearly understand different asset types, complex structures and the financial markets,” said Lord.
The Lord Companies, LLC is a diversified real estate corporation that specializes in urban infill and adaptive re-use brokerage, design and development. Both Lord and Fithian are well-versed in Chicago’s mixed-use and commercial markets and are long-time clients of Aries Capital. The property is in the heart of River North, which has grown rapidly due to new residential developments and conversions of old industrial buildings into residential or office lofts.
About Aries Capital, LLC
Aries Capital, (www.ariescapital.com) is a national full service commercial mortgage and real estate investment banking firm with offices in Chicago, Peoria, Houston and Miami. Since 1991, Aries and its affiliates have arranged and/or directly funded over $5 billion in debt and equity for hotel, multifamily, self storage, office, retail, healthcare, 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 $700 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.