December 21, 2018
Aries Capital has arranged a $7.05-million bridge loan to refinance the Comfort Inn at 3010 Finley Rd. in Downers Grove, IL. CEO Neil Freeman originated the transaction on behalf of long-time client SB Yen Management Group, which has plans to open San Francisco’s renowned Kingdom of Dumpling on the property.
Brandon Perdeck, senior associate with Aries, managed the underwriting and closing. The two-year, fixed-rate bridge loan features a 70% loan-to-value ratio and a 30-year amortization. The loan will enable the borrower to build-out the 121-key hotel’s adjacent 21,000 square-foot banquet/retail space for a new restaurant.
In a separate transaction, Aries completed a $9.2-million, fixed-rate loan on behalf of a Palm Beach, FL-based borrower for the acquisition of two shopping centers anchored by a Jewel-Osco grocery store in Oak Lawn, IL. Freeman originated the transaction and Perdeck served as the underwriter and closer.
For comments, questions or concerns, please contact Paul Bubny