ASC arranges $1.23 million for multifamily property in Burbank, CA
Chicago, IL – May 1, 2017 – American Street Capital (“ASC”) announced today that it has arranged $1.23 million in financing for a 6-unit multifamily property located in Burbank, CA. The transaction closed in April, 2017.
ASC exclusively represented the sponsor to secure the cash-out refinance loan for the multi-family property built in 1987 consisting of 6 residential units with a unit mix of 1 and 2 bedroom apartments. Additional amenities include indoor and outdoor parking as well as in-unit washer and dryers.
ASC successfully met the request with a competitive 20-year term consisting of 5-years fixed and 15-years floating. The loan featured a non-recourse, fully assumable structure with 1-yr of interest only that converts to a 30-year amortization schedule with a correspondent agency lender.
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.
Alexander F. Rek
Director of Operations
American Street Capital