Chicago, IL – May 19, 2020 – American Street Capital (“ASC”) announced today that it has arranged $5.15 million refinance for an 18-unit multi-family property in Chicago, IL.
American Street Capital worked exclusively on behalf of the sponsor to secure a fixed rate and term refinance loan for a multi-family property in the Andersonville community of Chicago. Andersonville is a thriving urban neighborhood located on Chicago’s North side. The subject property was acquired in 2010 and fully remodeled by 2012 offering best in class condo quality amenities including a heated indoor parking garage, elevator, fitness center, party room, and rooftop deck. The asset was 100 percent occupied at closing.
The sponsor, an existing client, was approaching the maturity of his original 5-year fixed term and wanted to capitalize on historically low interest rates. ASC structured the non-recourse 20-year term consisting of 10-years fixed and 10-years floating on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
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 2019, ASC celebrated its 10th anniversary and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601