Chicago, IL – August 30, 2016 – American Street Capital (“ASC”) announced today that it has arranged $1.5 million in financing for a 10-unit mixed-use property consisting of one retail space and nine apartments in Chicago, IL. The transaction closed in August, 2016.
ASC worked exclusively on behalf of the sponsor to secure an acquisition loan for a recently rehabbed mixed-use property in the Avondale community of Chicago. The sponsor requested a 10-year term with 3-years of interest-only payments to maximize cash flow in the early years of the loan term.
ASC successfully met the request with a competitive 10-year loan term with a balloon structure. The loan was funded through the Freddie Mac Small Balance Program (“SBL”) that featured 80% LTV, non-recourse obligation, three years of interest only payments, assumption capabilities, 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 $30MM, 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 http://americanstreetcapital.com/. Follow American Street Capital on Twitter @AmericanStCap.
Alexander F. Rek
Director of Operations
American Street Capital