Friday, May 8, 2009

CHICAGO – Aries Capital is pleased to announce that the firm’s Houston office has completed a $3,575,000 loan for LaVita, a multifamily property in Dallas, Texas. A local Texas bank provided the investment.

The 162-unit, 85,100 square foot property on Lovers Lane was constructed in 1973. The property features one and two bedroom apartments, a clubhouse, pool, fitness center, and business office. Aries Capital arranged the three-year, fixed rate loan with a 20-year amortization period. The loan-to-value ratio of the transaction was 53%.  This refinance allowed the Borrower to complete the renovation and use some of the proceeds for renovation on another project.