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MADISON, WI-The Alpine Lodge, Birch Hill and Westbrook Apartments here have been financed for $4.7 million. Chicago-based Aries Capital arranged the financing, at 7% over the five-year term, amortized over 25 years.

Financing was at 80% loan-to-value, placing the value of the three-property package at $45,543 per unit. Location in this college town and state capital with a strong rental market allowed the financing to be done at a relatively high loan-to-value, explains Aries Capital president Neil D. Freeman. “Because of this, Aries was able to give our client a high leverage loan on a C-quality multifamily property,” Freeman says in a statement.

Alpine Lodge consists of 60 two- and three-bedroom units. Birch Hill includes 32 three-bedroom units. Westbrook is made up of 37 two- and three-bedroom units.

Brant Glomb was the loan officer and John Antes was the correspondent.

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