Chicago, IL – July 13th, 2015 – American Street Capital (“ASC”) announced today that it has arranged $1,252,000 in financing for 4-unit mixed-use property in Chicago, IL. The transaction closed in June, 2015.
ASC worked exclusively on behalf of their client to secure a cash-out refinance loan for the mixed-use property located in the Lakeview community of Chicago with a correspondent conduit lender. The sponsor had purchased the building without financing less than sixty days prior to initiating the loan request with ASC. They were seeking to secure a complex structure that included a maximum advance loan with a 30-year amortization that was both non-recourse and assumable. ASC successfully secured the desired proceeds and structure while overcoming having no seasoning of ownership, a short-term commercial lease, and small loan size.
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