ASC arranges $4.1 million for mixed use building in Chicago, IL
Chicago, IL – January 10, 2017 – American Street Capital (“ASC”) announced today that it has arranged $4.1 million in financing for a 9-unit mixed-use property in Chicago, IL. The transaction closed in December, 2016.
ASC worked exclusively on behalf of the sponsor to secure the acquisition loan for a mixed-use property located in the affluent Lincoln Park neighborhood of Chicago, IL. The recently renovated mixed-use building built in 1889 and consists of 1 ground floor retail unit occupied by a credit tenant and 8 residential units with a unit mix of 1, 2, and 3 bedroom apartments.
ASC successfully met the request with a competitive 20-year loan term funded through the Freddie Mac Small Balance Program (“SBL”). The loan featured 80% LTV, non-recourse obligation, assumption capabilities, step-down pre-payment and a partial term interest only structure that converts into 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.
Alexander F. Rek
Director of Operations
American Street Capital