WEDNESDAY, AUGUST 27, 2008

Aries Capital arranges loan for Dallas-based retail center

by Illinois Real Estate Journal Reports
Aries Capital announced that the firm's Houston office recently arranged a $3.2 million loan for the Kendall Plaza retail center, in Dallas, Texas. Leonard Smith, Senior Vice President of Aries Capital, was the originator of the transaction.

The development, built in 2006, is a 15,734 square foot retail property located at 2731 West Northwest Highway in Dallas. The property is situated on 2.6 acres, offers space for nine retailers, and is anchored by HSBC. Aries Capital originated the seven-year $3.2 million loan which features a 30-year amortization and a loan-to-value ratio of 75 percent.

Since there was no existing debt on Kendall Plaza, this 100 percent cash-out loan provided the borrower with sufficient proceeds to purchase an office building as well as a tract of vacant land upon which he intends to develop another retail center.

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