ASC arranges $3.25 million financing for an industrial property in Chicago, IL
hicago, IL – February 28, 2017 – American Street Capital (“ASC”) announced today that it has arranged $3.25 million in financing for an owner-occupied industrial commercial condominium property in Chicago, IL. The transaction closed in January, 2017.
ASC worked exclusively on behalf of the sponsor to secure a refinance loan and a revolving line of credit for an industrial commercial condominium property in the Chicago International Produce Market (“CIPM”) located in the Lower West Side neighborhood of Chicago, IL. CIPM was built in 2002 and is the largest facility of its kind in the Midwestern US. The cold storage condominium contains 12,117 square feet.
ASC successfully met the request with two competitive 5-year loan terms for the real estate and an annually revolving line of credit through a correspondent commercial bank relationship. The loan featured 75% LTV, 25-year amortization, and flexible pre-payment.
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.