- Aries Capital is pleased to announce that Vice President Eric Jones, from the firm’s Chicago office, has arranged $1.56 million in permanent debt on behalf of borrower, Metro Property Group. The loan was used to purchase a 65-unit apartment building located at 7733 S. South Shore in Chicago.
The borrowing entity is controlled by a foreign national (non-US citizen), which increased the complexity of theand underwriting requirements. Aries guided the borrower through a difficult loan process, delivering a 10-year, non-recourse loan at 5.675% interest rate and for 65% of the purchase price through a private lender. The loan will be amortized over 30 years.
Although the borrower owns several single family residential properties in the United States, this is the first time Metro Property Group has purchased commercial real estate in this country. The borrower was referred to Aries Capital by the seller’s agent.
“The financing process is usually more arduous for a foreign national borrower,” said Jones. “Most lenders require tax returns and credit reports for both countries, and may ask for additional documents, including extra financial and personal references. Tight management of this process is critical, as the sheer amount of paperwork can be overwhelming for the borrower.”
Metro Property Group’s General Partner was pleased with the process and outcome, “As foreign borrowers and because of the specific situation of our project, we had a difficult time finding the right lender. However, Eric Jones from Aries Capital was able to take the challenge and locate a great lending solution for the project. With his substantial knowledge of multifamily projects and clear precise judgment, we achieved a great lending solution with no time wasted,” she said.
About Aries Capital
Aries Capital, (www.ariescapital.com) is a national full service commercial mortgage and real estate investment banking firm with offices in Chicago, Houston, and Phoenix. Since 1991, Aries and its affiliates have arranged and/or directly funded over $4 billion in debt and equity for office, retail, multifamily, healthcare, hotel/lodging and special-purpose properties. The company, through its affiliates such as the Urban Development Fund (www.urbandevfund.com), has also provided over $500 million in tax credit and mezzanine financing. Aries provides permanent and interim financing through direct correspondent relationships with Wall Street CMBS lenders, life companies, hedge funds, regional banks and other institutional investors.