Aries Arranges $9.301 Million Non-Recourse Loan for New Apartment Building in Chicago’s River North NeighborhoodFebruary 23, 2016
Aries Capital has arranged a $9.301 million permanent loan on behalf of borrower Douglas Crocker II and partners for the 23-unit apartment building at 858 N. Franklin in Chicago, IL. The newly-constructed six-story building is adjacent to the MK restaurant in the city’s popular River North neighborhood. The 10-year fixed rate non-recourse loan with 30-year amortization was secured at 100% of the total cost basis. The borrower was able to lock after only one month of rent collections.
Crocker is a Senior Advisor at Pearlmark and former chairman of the firm’s multifamily platform, with more than 40 years of real estate experience. A past trustee of DePaul University and founding member of its Driehaus College of Business’ Real Estate Center, Crocker is an investor in entities that have owned and operated over 225,000 apartment units nationwide. This is the fifth loan Aries Capital has secured for Crocker and his partners.