$6,000,000 Special Use Loan from Life Insurance Company
Mike Tanner and Jonny Soleimani of PSRS arranged the $6M refinance of Aragon Ballroom in Chicago, IL. The subject collateral includes the Aragon Ballroom and an adjacent parking lot located on a 1.76-acre lot. The theater/ballroom is fully leased by Live Nation, a dominant player in the performing arts/live performance entertainment sector. The property is a three-story masonry ballroom/live performance entertainment facility built in 1929. PSRS was able to secure this transaction despite a quickly approaching maturity date and relative lack of interest from both the borrower’s incumbent lender as well as the greater market, demonstrating the power and value of leveraging correspondent life company relationships to refinance a special-use building that had been sporadically open during COVID-19. PSRS was able to secure for the borrower a non-recourse loan with a 10-year term and 30-year amortization.