Chicago, IL – June 17, 2015 – American Street Capital (“ASC”) announced today that it has arranged $900,000 in financing for 8-unit multi-family property in Chicago, IL. The transaction closed in May, 2015.
ASC worked exclusively on behalf of their foreign national client to secure a significant cash-out refinance loan for the multi-family property located in the Gold Coast community of Chicago with a correspondent bank lender. The loan was a challenge due to the sponsors being foreign national absentee owners seeking a loan with a market leading rate, ARM structure, a sizeable cash-out, and a flexible pre-payment penalty for a property with only one year of ownership history. ASC was able to mitigate the challenges and successfully secure the desired proceeds with a rate below 3.8% for a 5-year ARM with a 30-year amortization and term.
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