Chicago, IL – October 1, 2019 – American Street Capital (“ASC”) announced today that it has arranged $2.32 million in permanent debt for a 71-unit multi-family building located in Cleveland, OH.
Built in 1963, the two-story three building complex is situated on 0.75 acres in the Tremont area directly south of downtown Cleveland. The apartment complex consists of three buildings totaling 71 units with a unit mix consisting of one- and two-bedroom apartments. Additional amenities include 50 surface parking spaces and common laundry. The asset was 96 percent occupied at closing.
The sponsor required a long-term solution with maximum loan proceeds. Utilizing its agency correspondent relationships, American Street Capital arranged a 20-year loan term consisting of 10 years fixed and 10 years floating on a 30 year amortization schedule.
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 mortgage banking 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. In 2018, ASC closed over 50 transaction across multiple states and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital