ASC secures $1.45 million for multifamily property in Arlington Heights, IL
Chicago, IL – June 27, 2017 – American Street Capital (“ASC”) announced today that it has arranged $1.45 million in financing for two contiguous multifamily properties located in Arlington Heights, IL. The transaction closed in May, 2017.
The sponsor owned one of the subject properties and was able to leverage his existing equity position in-order to acquire the adjacent property without providing new equity. The subject properties were both built in 1973 and contain a total of 23 units that includes one bedroom, two bedroom, and three bedrooms. Additional amenities include 33 parking outdoor parking spaces, common laundry rooms, and individual storage units.
ASC structured the cross collateralization with a competitive 20-year term consisting of an initial 10-year fixed period. The 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 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.