Chicago, IL – December 8, 2015 – American Street Capital (“ASC”) announced today that it has arranged $1.80 million in financing for an owner-occupied auto industry property in Joliet, IL the fourth largest city in Illinois. Joliet is the county seat and largest city exclusively situated in Will County. The transaction closed in November, 2015.
ASC worked exclusively on behalf of the sponsors to secure an acquisition and partner buyout loan for a car wash and lubrication facility with a longstanding operating history. The loan was a challenge due to the requested leverage as well as the seasonality of the business. ASC successfully secured an SBA loan with a correspondent lender that provided the desired proceeds to acquire the property and partner’s shares of the business.
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