Chicago, IL – March 20, 2019 – American Street Capital (“ASC”) announced today that it has arranged a $2.1 million cash-out refinance for a 70-pad, senior mobile home community in North Fort Myers, FL.
Located north of downtown Ft. Myers, the mobile home community consists of single and double wide lots and 96 parking spaces. Originally built in 1953, the property is located on 6.91 acres and includes a leasing and maintenance office. The property has paved roads, off-street parking and access to municipal utilities. The asset was 94 percent occupied at closing.
In 2016, ASC secured the acquisition loan for the asset that was under rented and in need of minor updates and repairs. Upon stabilization, the sponsor requested to recoup the capital invested and finance the asset with long-term, non-recourse debt. ASC secured a high-leverage, 10-year fixed non-recourse loan on a 30-year amortization schedule with a step down pre-payment structure. The loan was placed with a correspondent agency lender.
The loan was co-originated by Igor Zhizhin and Alexander F. Rek.
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 multifamily, 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.
American Street Capital