ASC arranges $2.35 million for multifamily in Chicago, IL
Chicago, IL – August 21, 2017 – American Street Capital (“ASC”) announced today that it has arranged $2.35 million in financing for a 13-unit multifamily property located in Chicago, IL. The transaction closed in July, 2017.
The long standing client refinanced a construction loan facilitated by ASC to successfully cash out his basis after having recently stabilized the property. The building contains a total of 13-units comprised of ten 2BR/1BA and three 3BR/1BA. The amenities of the building include condo quality finishes, balconies, common laundry room, and an indoor three car garage.
Upon stabilization, the sponsor requested a competitive long term debt solution that provided a sizeable cash-out. ASC secured max proceeds with a competitive 20-year term consisting of an initial 5-years fixed term followed by a 15-years floating period. 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.