Aries Capital Secures Financing for Nine-Property Portfolio on Chicago's South Side
CHICAGO – Aries Capital is pleased to announce that Senior Vice President Jeff Bucaro, from the firm’s Chicago office, has completed a $5 million CMBS loan for a nine-property multifamily portfolio on Chicago’s South Side. The loan features a 10-year term, 30-year amortization and a 75% loan-to-value ratio.
“The borrower has done an excellent job of acquiring and renovating a nice portfolio of properties which had been financed with full-recourse bank debt.” said Bucaro. “We were able to provide the borrower with a 10-year non-recourse loan at higher than typical leverage for that market.”
The sponsor of the transaction, an affiliate of McKenzie Management, has been acquiring and renovating properties on the South Side of Chicago for the past eight years. “By refinancing the properties, we were able to free up our bank lines and personal guaranties, enabling us to acquire additional properties and continue to grow our portfolio.” said James McKenzie, vice president of McKenzie Management, a full service property management company focused on residential and retail properties.
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, Peoria (IL), Houston, Phoenix and Miami. Since 1991, Aries and its affiliates have arranged and/or directly funded over $4 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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