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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
- ◦Financing
- ◦Sale/Acquisition
