Chicago, IL – February 16, 2021 – American Street Capital (“ASC”) announced today that it has arranged an $8.1 million cash-out refinance loan for a 150-unit multifamily complex in Riverdale, GA.
Located approximately 13 miles from the Atlanta central business district, Riverdale is a southern suburb with proximity to Hartfield-Jackson Atlanta International Airport. Built in 1972 and renovated in 2019, the 20-building community is situated on 13.91 acres and consists of 110 two-bedroom and 40 three-bedroom apartments. Additional amenities include 276 surface parking spaces, a common laundry facility, playground and an on-site property manager.
ASC worked exclusively on behalf of their client to secure the high leverage cash-out refinance loan structured with a non-recourse, 12-year fixed term with two years of interest-only on a 30-year amortization. The loan was placed with a correspondent agency lender and retired the existing agency debt.
Edward Streit, a Senior Sales Associate 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