CHICAGO–Aries Capital’s Eric Jones, vice president, from the firm’s Chicago office has completed a loan for two multifamily properties in the Milwaukee, Wisc. area totaling $9.28 million.
Owned and operated by the same developer, the two apartment properties are located outside Milwaukee and combined, total 152 units.
Aries Capital crossed the two properties by utilizing cash-out from one property to cover a shortfall on the other. The team then pursued several diverse capital sources to provide the financing required to close the deal within a 45-day window.
The loan will save the borrower approximately $250,000 annually.