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Chicago-based Aries Capital Arranges Financing for Lenoir Marketplace

CHICAGO-A downtown commercial mortgage lender arranges debt and equity financing for the purchase of the Lenoir Marketplace shopping center in Lenoir, NC. The one-year-old center is fully occupied.

By Mark Ruda | Updated on January 09, 2001

CHICAGO-Aries Capital, a commercial mortgage lender based here, recently arranged financing for the purchase of the 54,892-sf Lenoir Marketplace shopping center. Aires arranged a $3.55-million, 10-year mortgage with 30-year amortization for the fully-leased shopping center located on heavily-traveled U.S. Highway 64 in Lenoir, N.C.

The shopping center, anchored by a Winn-Dixie grocery store, was built in 1999. Winn-Dixie takes up 82% of space in the center. “This is a one-year-old property with a Class A anchor tenant whose lease runs nine years beyond the term of the loan,” said Aries Capital president Neil D. Freeman. “Due to this, Aries was able to raise equity as well as debt for our client.”

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