Chicago, IL – October 17, 2016 – American Street Capital (“ASC”) announced today that it has secured $6.65 million in acquisition financing for a seven story, 30-unit multi-family portion of a mixed-use property in Chicago, IL. The transaction closed in September, 2016.
ASC worked exclusively on behalf of the sponsor to secure an acquisition loan for the multi-family property located in the South Loop neighborhood of Chicago. The recently fully renovated condo quality amenity building contained a unit mix of 1 & 2 bedroom units. In order to meet their yield requirement the sponsor required a long term, non-recourse, assumable loan on a 30-year amortization schedule with a rate below 4%.
ASC successfully met the sponsor’s request with a 15-year fixed term, non-recourse, and fully assumable loan on a 30-year amortization schedule with a correspondent life insurance company lender.
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