CHICAGO, IL- Aries Capital, LLC, just announced that they have closed on two loans for multifamily properties in Chicago. The first, for $2.56 million, was for the acquisition of 4712 N. Racine Ave. in the city's Uptown neighborhood. The building has 43 residential units and two retail units.
Aries' Vice President Eric Jones, of the firm's Chicago office, handled the loan for owner Andrew Niewiarowski, the new president of Lincoln Park Builders of Chicago. This is the second property that Aries has financed for Niewiarowski, who currently owns and operates 323 units in Illinois and Florida.
“The property currently has good cash flow and promises significant upside in rent increases after capital improvement. There's also increasing interest in the vacant commercial space,” said Jones in a prepared statement. The 10-year Fannie Mae loan features a 30-year amortization and interest rate of 4.13%.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
