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$9.5-Mil Loan to Assist Conversion

CHICAGO-The West Loop area will see another warehouse converted to multifamily use at 1001 W. Van Buren Ave. Chicago-based Aries Capital provides interest-only financing at 7.5% and 65% loan-to-value.

By Mark Ruda | Updated on September 24, 2001

CHICAGO-A $9.5-million loan will allow the owners of a five-building office and warehouse complex at 1001 W. Van Buren Ave. in the hot West Loop area to convert the property into loft-style multifamily residential units with office space. Interest-only financing was arranged by Chicago-based Aries Capital at 7.5% and 65% loan-to-value.

The property consists of a seven-story, 315,400-sf industrial building constructed in 1907 as well as other structures built up to 1984. According to Aries Capital, plans call for 100 residential units with 11- to 20-foot ceilings averaging 2,000 sf as well as 20 office spaces averaging 6,000 sf. There also will be room for a 31,838-sf parking lot.

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