Multifamily

CHICAGO — Aries Capital has arranged $1.6 million in acquisition financing on behalf of Metro Property Group for a 65-unit apartment building in Chicago. A private lender provided the 10-year, non-recourse loan, which includes a 5.67 percent interest rate and a 30-year amortization schedule. The property is located at 7733 S. South Shore. Eric Jones, vice president at Aries Capital’s Chicago office, arranged the financing. Metro Property Group owns several single-family residential properties throughout the United States. This is the borrower’s first commercial real estate purchase in the U.S.

EVANSVILLE, IND. — Tikijian Associates, an Indianapolis-based multi housing broker and investment advisor, has arranged the sale of Shady Tree Apartments, a 126-unit multifamily community in Evansville. West Palm Beach, Calif.-based Ocwen Loan Servicing sold the property to Renewing Management Inc., an Anderson, Ind.-based owner. Shady Tree Apartments is located at 3900 N. Fulton Ave. Renewing Management plans to renovate the interior and exterior of the property. Tikijian Associates represented the buyer and the seller in the transaction. The purchase price was undisclosed.

CHICAGO — Marcus & Millichap has arranged the sale of 1528 N. Ashland Ave., a six-unit apartment property in Chicago. Kyle Stengle and Joseph Bergman, investment specialists in Marcus & Millichap’s Chicago downtown office, marketed the property on behalf of the seller, a private investor. James Ziegler and Ryan Engle, investment specialists from Marcus & Millichap’s Chicago O'Hare and Chicago Oak Brook offices, represented the buyer, also a private investor. The asset sold for $692,500.