Aries Capital has closed a $2.275 million Fannie Mae loan for a 9-unit multifamily building in the River West neighborhood of Chicago. The building had only two months of operating history at the time of closing. [break]
This is the third loan that Aries has arranged in the last six months for the Borrowers, Douglas Crocker II and Matt McHugh, active buyers in the Chicago multifamily market. Crocker is the former president/CEO/vice chairman of Equity Residential properties, which owns and operates over 225,000 apartment units nationwide. McHugh is the managing member of the Affito group, which owns and manages multiple properties in Chicago. Crocker and McHugh bought the recently completed property with cash last year and immediately engaged Aries Capital to place debt on the property.   The 10-year, non-recourse Fannie Mae loan features a 4.13% interest rate with 30 year amortization. [break]

The condominium-quality building, located at 693 North Peoria Avenue, was completed and fully leased in December of 2012, and had just one month of operating history when Aries took the deal to market. Due to the strength of the borrower, the building quality, and the location, Aries was able to lock a rate on the loan with one month’s operating history and secure it with two month’s history

“Aries Capital has been a great asset to our acquisition strategy. They understand the market and the lending landscape, so they were able to find us great terms and execute quickly. We’ve been very impressed,” said McHugh.