Chicago, IL – September 15, 2014 – American Street Capital (“ASC”) announced today that it has arranged $9.17 million in financing for a portfolio consisting of four mixed-use properties in Chicago, IL.
ASC worked exclusively on behalf of their client to secure an acquisition and rehab loan with a correspondent bank lender. The buildings were in different neighborhoods around Chicago and required major renovation and a complete repositioning to attain the substantially higher pro forma rents. The seasoned owners were looking for a significantly better loan structure and interest rate readily available from their existing lenders. ASC successfully obtained a single, high leverage loan with an interest rate that was 1.25% less than their lenders were offering. It also allowed the owners to simultaneously proceed on all four properties while other lenders required a much longer and costly phased approach. The new loan was the only one which offered an additional one-year stabilization period with an interest rate that was lower than the construction loan.
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 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 $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.
American Street Capital