ASC arranges $11.14 million for mixed use property in Chicago, IL
Chicago, IL – March 21, 2017 – American Street Capital (“ASC”) announced today that it has arranged $11.14 million in financing for a 40-unit mixed-use property in Chicago, IL. The transaction closed in February, 2017.
ASC exclusively represented the sponsor to secure the acquisition loan for a mixed-use property located in the North Center neighborhood of Chicago, IL. The condo quality mixed-use building was built in 2009 and consists of 6 ground floor retail units and 34 residential units with a unit mix of 2 and 3 bedroom apartments. Additional amenities include 3 elevators, in-unit washer and dryers, large balconies, rooftop decks, and indoor parking.
Through its established correspondent relationships, ASC was able to secure a 7-year term, high leverage, non-recourse, fully assumable loan on a 30-year amortization schedule.
The loan was originated by Igor Zhizhin, the President of ASC.
About American Street Capital
American Street Capital (“ASC”) is a Chicago-based national commercial real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multi-family, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail, office, owner-occupied properties, and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative, customized approach to sourcing commercial real estate debt that is unique among its competitors. Focusing primarily on the more challenging transactions in the small balance segment for loans up to $50MM, ASC has established a national reputation of offering best in class customer service and loan structures that historically were exclusively available to large balance institutional clients. Further information is available at www.amstcap.com. Follow American Street Capital on Twitter @AmericanStCap.