Chicago-based Aries Capital's Phoenix office structured the financing package. Victory Packaging refinanced a three-year-old loan for 75 N. 49th Ave. The deal came with no pre-payment penalty, no updated third-party reports and minimal legal fees, according to Aries Capital. And, says Aries' president Neil D. Freeman, the borrower rolled in extra money to cover all costs associated with the loan restructuring.
Victory Packaging is considering similar refinancing agreements for another 14 properties in the US, according to Freeman. The strategy, he says, will be used to expand the portfolio.
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