Aries Capital Provides an $8.4 Million Non-Recourse Loan for Skilled Nursing Facility In Oklahoma
CHICAGO – Aries Capital is pleased to announce that the firm recently arranged an $8.4 million, non-recourse loan for a 180-bed skilled nursing facility in eastern Oklahoma. Leonard Smith, Senior Vice President and Eric Jones, Vice President of Aries Capital, were the originators of the transaction.
Aries Capital arranged the two-year interest only bridge loan on behalf of a borrower that had been seeking financing options for more than a year. The new loan secured by Aries enabled the owner/operator of the nursing facility to close out an existing HUD loan as well as buyout the other partners in the business.
“There is very little appetite in the traditional capital markets for this product type, and a deal like this can be very difficult to source as the borrower discovered,” said Eric Jones, Vice President of Aries Capital. “Aries Capital, however, was able to secure non-recourse financing through a private lender with whom we have a long-standing relationship. After more than twenty years in the commercial mortgage industry, we are often able to rely upon our reputation, knowledge, creativity and relationships to assist most borrowers, even in the toughest of situations.”
The resulting loan gave the borrower the opportunity to obtain sole ownership of the skilled nursing facility. In two years, Aries Capital will again arrange for a new HUD loan on the property to help the borrower maximize his investment potential.
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, Houston, and Phoenix. Since 1991, Aries and its affiliates have arranged and/or directly funded over $3 billion in commercial, multifamily, hotel debt and equity. The company, through its affiliates Aries Real Estate Fund (AREF) and the Urban Development Fund (UDF), 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, and other institutional investors.