Chicago, IL – October 27, 2015 – American Street Capital (“ASC”) announced today that it has arranged $1.24 million in financing for a 8-unit multi-family property in Chicago, IL. The transaction closed in October, 2015.
ASC worked exclusively on behalf of their client to secure the cash-out/refinance loan with a 20-year term, non-recourse, and fully assumable ARM structure with a correspondent Agency lender. With no debt and a short stabilization history, ASC was able to secure a maximum leverage loan with an initial 5-year ARM rate below 3.4%. The subject property is located in the Washington Park neighborhood of Chicago.
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