ASC arranges $7.6 million bridge loan for self storage facility in Chicago
Chicago, IL – October 11, 2017 – American Street Capital (“ASC”) announced today that it has secured $7.6 million bridge loan for a self storage facility with 55,418 sq ft consisting of 885 traditional storage units and 490 wine storage units in Chicago, IL. The transaction closed in August, 2017.
ASC exclusively represented the sponsors to secure the bridge loan for the self storage facility located in the Old Town neighborhood of Chicago, IL. The subject property was built in 1920 and converted to a self storage facility in 1984. With limited availability of traditional self storage in the immediate area, the sponsors saw long term upside with the predicted delivery of over 8,000 residential units in the local market. The bridge loan was secured to provide additional funds for necessary capital improvements to modernize the facility and achieve maximum occupancy.
Through its established institutional bridge lender relationships, ASC secured the loan featuring a two year term, 80% loan-to-cost leverage, interest-only payments, and a non-recourse structure.
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