Chicago, IL – March 8, 2016 – American Street Capital (“ASC”) announced today that it has arranged $1.12 million in financing for a 6-unit multi-family property in Chicago, IL. The transaction closed in February, 2016.
ASC worked exclusively on behalf of their client to secure a cash-out/refinance loan for a recently renovated multi-family property in the Lincoln Park community of Chicago. The client required high leverage, non-recourse, and an assumable ARM structure. ASC successfully met the request with a very competitive initial 5-year ARM rate that was below 3.50%. The loan was funded through the Freddie Mac Small Balance Program (“SBL”) that featured 80% LTV, non-recourse obligation, assumption capabilities, 20-year term, 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 www.amstcap.com. Follow American Street Capital on Twitter @AmericanStCap.
Alexander F. Rek
Director of Operations
American Street Capital