ASC secures $1.56 million for multifamily property in Boston, MA
Chicago, IL – May 9, 2017 – American Street Capital (“ASC”) announced today that it has arranged $1.56 million in financing for a 9-unit multifamily property in Boston, MA. The transaction closed in April, 2017.
ASC exclusively represented the sponsor to secure the acquisition loan for a multi-family property located in the Hyde Park neighborhood of Boston, MA. The multi-family building was built in 2007 and consists of 9 residential units with a unit mix of 2 and 3 bedroom apartments. Additional amenities include an underground heated parking garage, condo quality finishes, and in-unit washer and dryers.
ASC successfully met the request with a competitive 20-year loan term funded through the Freddie Mac Small Balance Program (“SBL”). The loan featured 65% LTV, non-recourse obligation, assumption capabilities, partial term interest only payments, step-down pre-payment, and 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.