Chicago, IL – May 28, 2021 – American Street Capital (“ASC”) announced today that it has arranged a $3.3 million cash-out refinance loan for a 20-unit multifamily portfolio in Chicago, IL.
The Pilsen neighborhood is located on the lower west side with a close proximity to Chicago’s downtown. Pilsen has been rapidly gentrifying and was named one of the “coolest” neighborhoods around the world by Forbes magazine. The portfolio consists of three buildings that have all been recently renovated to include modern amenities and condo-quality finishes. The portfolio’s unit mix is composed of one-, two- and three-bedroom apartments. The portfolio was 100 percent occupied at closing.
ASC worked exclusively on behalf of their sponsor to secure the high leverage cash-out refinance loan structured with a non-recourse, 20-year term consisting of 10-years fixed and 10-years floating. The loan included two years of interest-only payments. American Street Capital placed the loan with an agency correspondent lender.
Alexander F. Rek, a Principal of ASC, originated the loan.
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 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601