Chicago, IL – February 9, 2016 – American Street Capital (“ASC”) announced today that it has arranged $2,000,000 in financing for a cooperative building in Jackson Heights, New York. Jackson Heights is a neighborhood in the New York City borough of Queens.
ASC worked exclusively on behalf of the cooperative board to secure the cash-out/refinance loan with a 10-year fixed term and non-recourse structure with a correspondent agency lender. The low levered transaction’s proceeds will be used to make upgrades to the existing building. ASC is pleased to have facilitated one of the first underlying mortgages for a cooperative property by the Freddie Mac Small Balance Loan (“SBL”) program.
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 individuals 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.
Alexander F. Rek
Director of Operations
American Street Capital