DEAL OF THE DAY: Aries Capital Provides $8,004,000 Loan to La Plaza Apartments
- Mar 05, 2008
By Anuradha Kher, Online News EditorChicago–Aries Capital, a mortgage banking firm headquartered in Chicago, has completed an $8,004,000 loan with an investment from PNC/ARCS under Fannie Mae financing, for the La Plaza Villas apartments in Guadalupe, Calif.Located at 736-754 Olivera St., the La Plaza Villas property features 74 one-, two- and three-bedroom apartments as well as three-bedroom town homes ranging in rent from $1,050 to $1,325.The project, constructed in 2006 and 2007, has high-speed Internet, private yards and patios, onsite laundry and Jacuzzi bathtubs.The seven-year loan is interest-only for the first three years, with a 30-year amortization for the remainder of the term. The loan-to-value ratio was 73 percent. As a result of this loan, the borrowers were able to put long-term, fixed-rate financing on a newly built property. At the time the loan was arranged, La Plaza Villas had just reached 90 percent occupancy for a 90-day period.