ASC arranges $1.33 million for multifamily in Miami, FL
Chicago, IL – July 31, 2017 – American Street Capital (“ASC”) announced today that it has arranged $1.33 million in financing for a 14-unit multifamily building located in Miami, FL. The transaction closed in June, 2017.
ASC exclusively represented the sponsor to secure the acquisition loan for a multi-family building located in the rapidly gentrifying Little Havana neighborhood of Miami, FL. The building consisting of 14 units with a unit mix consisting of 1 & 2 bedroom apartments was built in 1925 and is subject to a long-standing HAP contract.
Through its established correspondent relationships specializing in affordable housing, ASC was able to secure a non-recourse, 7-year term, and assumable loan that allowed the sponsor to recoup his entire original investment from acquisition. The loan also included two initial years of interest only payments followed by a 30-year amortization schedule for the balance of the loan term.
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.americanstreetcapital.com. Follow American Street Capital on Twitter @AmericanStCap.