"We were able to provide financing for a special purpose facility with a flexible loan, while still taking advantage of today's low interest rates," says Aries Capital president Neil D. Freeman.
High Road Productions uses the space to produce film and video for its food industry clientele. The studio in the 99-year-old building includes a three motion-control cameras and a chef's kitchen with 22-foot height. At $183 per sf, the value of the building dwarfs two recent suburban deals arranged by Cohen Financial. A 122,520-sf building at 5750 McDermott Dr. in Berkeley was refinanced at $3.3 million, in a 10-year deal underwritten at 75% loan-to-value. Meanwhile, the 79,264-sf Main Steel Polishing Building at 802 E. Devon Ave. in Bartlett was mortgaged for $1.6 million in another 10-year deal at 75% loan-to-value.
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