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CHICAGO-Locally-based Aries Capital has opened a new operating division in order to focus on the multifamily market. Aries Multifamily will cater to apartment assets across the country, providing non recourse loans with five- and ten-year fixed rates under $5 million. The loans will be funded through Fannie Mae, FHA and small bank lenders.

“Most of the lenders that had previously financed many of the country’s smaller apartment buildings have either disappeared or are no longer actively making new loans, making it challenging for property owners to find a lender that is willing to provide financing for acquisitions,” says principal Ryan Welsh. “And that is where Aries Multifamily comes in – we will provide owners of well-occupied apartment buildings with the best financing options available in this challenging financial environment.”

The new arm was the brainchild of Welsh and Aries Capital CEO Neil Freeman. Welsh will head the division.

Aries Multifamily has successfully closed $7.7 million in loans for properties in Seattle, Washington, and Houma, LA. Additionally, the company is reviewing a number of other loan applications.

“Nearly half of the owners we talk to are refinancing because they have been told by their current lender that they will not be rewriting their loans when they mature,” Welsh says. “Additionally, owners who do not need to refinance immediately are also choosing to refinance now because they have adjustable rate loans and are concerned that their rates are going to increase. Many people feel that now is a very good time to lock into a low fixed rate loan, and Aries Multifamily is pleased to accommodate their needs.”

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