Chicago, IL – August 18, 2015 – American Street Capital (“ASC”) announced today that it has arranged $1.45 million in financing for two investment commercial condominium properties located in the River North area of downtown Chicago, IL. The transaction closed in July, 2015.
ASC worked exclusively on behalf of their client to secure a short-term bridge loan with a correspondent private equity lender. The subject properties were rented investment commercial condominiums with the sponsor having minority ownership in the vertically subdivided building.
The client required a significant cash out in a short period of time to consolidate his personal and corporate obligations. The bridge loan was structured with no lock out or pre-payment penalty to allow for a conventional refinance within several months of closing on the bridge loan.
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