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NIAGARA FALLS, N.Y. — Aries Capital LLC has closed an $8.5 million CMBS loan for an 87-unit Holiday Inn Express in Niagara Falls, N.Y. Constructed in 2009, the property is the newest hotel in Niagara Falls and is owned by borrower Mohan Saran, who owns hotels with his partners in New York and South Carolina. The five-year, non-recourse loan includes a fixed interest rate and a 25-year amortization schedule. Eric Jones, vice president in the firm’s Chicago office, arranged the financing.