Finance N Illinois

Aries Capital closes $7M refi loan for Downers Grove property

Aries Capital closes $7M refi loan for Downers Grove property,ph1

Chicago-based Aries Capital Partners arranged a $7.05 million bridge loan for the refinance of the Comfort Inn located at 3010 Finley Road in Downers Grove, Illinois. Neil D. Freeman, chairman and CEO of Aries Capital, originated the transaction while senior associate Brandon Perdeck managed the underwriting and closing.

The borrower, long-time client SB Yen Management Group, plans to open San Francisco’s renowned Kingdom of Dumpling on the property. The two-year, fixed-rate bridge loan features a 70 percent loan-to-value ratio and a 30-year amortization. The loan will enable SB Yen Management to build-out the 121-key hotel’s adjacent 21,000 square-foot banquet/retail space for a new restaurant.