ASC arranges $4.9 million for multifamily portfolio in Chicago
Chicago, IL – November 15, 2017 – American Street Capital (“ASC”) announced today that it has arranged a total of $4.9 million in acquisition loans for a three building, 88-unit multifamily portfolio located in Chicago, IL. The transaction closed in September, 2017.
ASC exclusively represented the sponsor to secure the permanent acquisition loans for the three assets located in the Grand Boulevard neighborhood of Chicago. The portfolio consists of 1, 2, and 3 bedroom units and was over 95% occupied at the time of the acquisition.
The sponsor request for the maximum leverage with the high level of flexibility was met with three separate loans at 80% of purchase price, step-down prepayment, and with assumption capabilities. ASC successfully was able to simultaneously close all three loans to meet the short closing deadline. All three loans were structured with 20-yr terms consisting of an initial 5-years fixed term followed by a 15-year floating period. Each loan featured a non-recourse, fully assumable structure with 1-year of interest only that converts to a 30-year amortization schedule with a correspondent agency lender.
The loan was co-originated by Igor Zhizhin and Alexander F. Rek.
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