WEDNESDAY, MAY 20, 2009

Aries arranges $8 million non-recourse loan

by Illinois Real Estate Journal Reports
Chicago

Aries Capital is pleased to announce that the firm's Chicago office recently arranged an $8 million non-recourse loan to finance the expenses related to re-branding and renovating three separate hotel properties into LaQuinta Inn & Suites. Aries Capital's Jeff Bucaro, vice president, originated the loan and Heather Madsen, vice president, closed the transaction. A consortium of credit unions provided the investment.

Aries Capital arranged the loan for LaQuinta Suites after another firm unsuccessfully attempted to secure financing.

The three properties, previously Hampton Inn Hotels, are located in Canton, Ohio; Cleveland, Ohio; and Rochester, New York. The hotels were constructed in the 1990s and each feature approximately 100 rooms. The reflagging/construction and furniture, fixtures and equipment (FF&E) loan arranged by Aries Capital is a five-year, fixed rate mortgage with a 25-year amortization.

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