September 30, 2013
Aries Capital has completed a $3.5 million senior loan for 540 N. LaSalle in Chicago’s River North sub-market. The loan was sourced and closed in record time.
The buyer, a venture owned by Debra Tucker, was competing to purchase the property in a bankruptcy proceeding in which another entity had already secured a contract from the debtor to purchase the property subject to the Court’s approval. To become the purchaser, Tucker first had to persuade the bankruptcy judge to hold an auction for the sale of the property instead of approving the existing contract. Then, to win the auction, Tucker had to present evidence to the Court that Tucker could close on the purchase within five days after the auction, which was the closing date specified in her competitor’s contract. Tucker, who is a Chicago attorney and CPA and the founder of the business law firm The Tucker Firm, LLC, approached Aries Capital for assistance in sourcing a capital source immediately.
“I worked with Aries Capital because of their extensive expertise and expansive contacts in mortgage financing,” said Tucker. “Aries put together an effective capital solution that enabled me to win the auction and complete the purchase, all within five days.”
Aries Capital moved the loan quickly through the underwriting process and satisfied all other requirements for Tucker to close on an expedited basis. Tucker intends to relocate her law firm to the new River North location, and she is marketing the remainder of the space in the huge 65,000 square- foot building for lease to retail and office tenants.
Aries Capital’s ability to wrap its arms around the deal quickly was due in large part to the firm’s knowledge of the Chicago market and its industry relationships. Aries was able to bring the right capital source to the table, successfully demonstrate the quality of the borrower and the asset, and deliver the necessary funding commitment within the required deadline.