Aries Capital Arranges $2.56 Million Loan for 43-Unit Chicago Multifamily PropertyFebruary 26, 2013
Aries Capital, LLC is pleased to announce that Vice President Eric Jones, of the firm’s Chicago office, has closed a $2,560,000 loan for the acquisition of the Racine Apartments, a mixed-use retail and residential property in the Uptown neighborhood of Chicago, Illinois.
The property, located at 4712 N. Racine Ave., features 43 fully leased residential units and two vacant retail units. It is the second property that Aries Capital has financed for owner Andrew Niewiarowski, an active buyer in the Chicago market. Niewiarowski has extensive multifamily management experience, and currently owns and operates 323 units in Illinois and Florida.
“The property currently has good cash flow and promises significant upside in rent increases after capital improvement. There’s also increasing interest in the vacant commercial space,” said Jones.
Due to the strength of the borrower and the quality of the asset, Aries was able to secure a Fannie Mae loan for the borrower to acquire the property in time to meet the deadline preferred by both the borrower and the seller. The 10-year, $2.56 million loan features a 30-year amortization and interest rate of 4.13%.
“I worked with Aries Capital on a difficult refinance for another property and I was impressed by their execution of that deal,” said Niewiarowski. “They’re thorough and have good relationships with lenders, so they got me very attractive terms. I was pleased to work with Aries again.”