Chicago, IL – August 13, 2021 – American Street Capital (“ASC”) announced today that it has secured a $2.32 million acquisition loan for a 55-unit multifamily complex in Avon Park, FL.
Built in 1981 and renovated in 2020, the Avon Park community is composed of three studios, three one-bedroom, and 49 two-bedroom apartments. Recent upgrades include kitchen appliances, bathrooms, copper plumbing, individual air conditioners, roofs, and landscaping. Additional amenities include in-unit laundry, individually metered utilities, a swimming pool, cabanas, and 96 surface parking spaces.
The sponsor had a short timeframe to close the transaction due to 1031 exposure. American Street Capital worked exclusively on behalf of their client to secure the acquisition loan that was structured as a non-recourse, 10-year fixed term with full term interest-only payments. The loan was placed with a correspondent CMBS lender.
Kyle Tyrrell, a First Vice President 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