AURORA, CO—Aries Capital's Chicago office has closed a $6.7 million first mortgage with very favorable terms for Cherry Creek Place III, a class-B office building.
Located at 3151 South Vaughn Way in Aurora, the well-maintained six-story, 107,364 square foot building sits at the gateway of one of suburban Denver's most desirable office parks and houses a technical college, financial and marketing firms and two U.S. government agencies. The CMBS loan arranged by Aries Capital features a 73% loan-to-value ratio and a 10-year term. The borrower, an affiliate of Arthur Hill & Co. LLC of Evanston, IL, used the loan proceeds to refinance maturing bank debt on the property.
Although the building is 96% occupied, the suburban Denver office market suffers 21% vacancy rates, which presented the property with an underwriting challenge.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
