ASC secures bridge loan for mixed use property in Chicago, IL
Chicago, IL – March 15, 2017 – American Street Capital (“ASC”) announced today that it has secured a $1.7 million bridge loan for a 24-unit mixed-use property in Chicago, IL. The transaction closed in March, 2017.
The Sponsor, who had recently acquired the property comprised of 9 retail units, 16 residential units and a billboard, retained ASC to source a competitively priced, high leverage, and interest only bridge loan to support the timing and capital needed to renovate and reposition the building. Through its established institutional bridge lender relationships, ASC was able to procure a one year loan at a 77% advance with an interest only structure. This flexible solution will allow the Sponsor to complete his capital improvement and lease up strategy in a timely manner.
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