ASC secures $5.8 million for skilled nursing facility in Sterling, IL
Chicago, IL – April 30, 2018 – American Street Capital (“ASC”) announced today that it has secured $5.8 in permanent financing for a 121-bed skilled nursing facility in Sterling, IL.
Located in northwest Illinois, Sterling Healthcare is a 121 bed facility with an array of comprehensive services including short term rehabilitation, memory, post-surgical, and long term care. The facility’s amenities include 24-hour nursing staff, a patient concierge, private rooms, onsite transportation, and outdoor gardens.
The facility was being transitioned from owner operated to third party leased with an acquisition option at a relatively high leverage for this small market. Combined with a request for partial recourse this made it a challenging request for most institutional lenders. Through its established balance sheet lender relationships, ASC was able to procure a competitively priced five year loan at a 70% advance with partial recourse on a 25-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.