ASC secures $3.53 million bridge loan for office building in River North
Chicago, IL – July 10, 2018 – American Street Capital (“ASC”) announced today that it has secured a $3.53 million bridge loan for an office building located in Chicago’s River North neighborhood.
Built in 1920 and located in downtown Chicago’s River North neighborhood, the five-story, 25,000 SF office building was acquired vacant requiring extensive deferred maintenance. Once the renovation of the property will be complete, the building will offer modern, open floor plans and amenities for its tenants.
The challenging request included the requirement to close within 45 days, with limited cash equity, full term interest reserve, competitive rate, and limited oversight during the renovation period. ASC creatively secured two separate loans with ancillary collateral to meet all the client’s conditions. The loan closed on time, with a market competitive rate, a full term 18 month interest reserve, only required a 20% cash equity contribution, and allows the buyer to independently manage the entire renovation and leasing process. The loan was placed through a correspondent commercial bank.
The loans were 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.