Chicago, IL – January 7, 2015 – American Street Capital (“ASC”) announced today that it has arranged $1.19 million in financing for a mixed-use property in Chicago, IL.
ASC worked exclusively on behalf of their client to secure the acquisition loan with a correspondent bank lender. The loan was a challenge due to this being the buyer’s first time purchasing a commercial property while being an absentee owner and requiring a higher leverage loan. The property also had shorter term commercial leases that did present turnover risk. ASC successfully identified a local correspondent bank that thoroughly appreciated the strength of the area and the underlying real estate and was willing to provide a high leverage, low interest rate structure that national lenders outside of the submarket could not match.
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.
American Street Capital