Aries Capital Secures $5 Million CMBS Loan for Multifamily PortfolioAugust 11, 2014
Aries Capital 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 had done an excellent job of acquiring and renovating a nice portfolio of properties which had been financed with full-recourse bank debt. Aries was 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.