CHICAGO–Aries Capital’s Eric Jones, vice president, completed a loan for two multifamily properties in Chicago’s Lincoln Park neighborhood totaling $2.73 million on behalf of borrowers Douglas Crocker II and Matt McHugh. Fannie Mae was the investor in the transaction.
The two apartment complexes include 10 residences and two commercial spaces and are located in the Lincoln Park neighborhood of Chicago.
The 10-year, non-recourse loan features a 4.03 percent rate and a 30-year amortization.
The borrowers have a multifamily market track record in Chicago. Crocker is the former president/CEO and vice chairman of Equity Residential and McHugh is a managing member of the Affito Group and manages both Lincoln Park apartment properties.