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Chicago & Midwest  + Downtown  + Finance  | 

Aries Closes Acquisition Loan for Streeterville Restaurant

Aries Capital has closed a $3.4-million non-recourse loan for the acquisition of an 8,700 square foot restaurant building at 164 E. Grand Ave. in Chicago’s Streeterville neighborhood. The property is fully occupied by restaurant tenant The Hampton Social. CEO Neil Freeman and Brandon Perdeck, VP in Aries Capital’s Miami office, originated the transaction.

“Although financing the acquisition of a restaurant-dependent asset while restaurants are being crushed by 25% occupancy constraints seems taboo, we have a relationship with an open-minded lender who was able to look beyond generalities and recognize the nuances of this specific deal,” said Freeman. “We successfully demonstrated that the sponsor is a reliable borrower who is providing a strong equity commitment for a well-located long-term real estate asset 

The purchase is the first Chicago investment for Germany-based Rüger Holding, an experienced commercial, residential and hospitality real estate owner and developer in the U.S. and Germany. 

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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