Chicago, IL – September 17, 2019 – American Street Capital (“ASC”) announced today that it has secured $9.64 million in permanent debt for a 149-unit scattered site multi-family portfolio in the Chicago suburb of Oak Forest, Illinois.
Located approximately 24 miles from the Chicago central business district, Oak Forest is a southern suburb with easy access to public transportation and interstate expressways. The portfolio is composed of three scattered, non-contiguous multifamily complexes totaling 149 units consisting of one-, two-, and three-bedroom apartments. All three complexes provide additional amenities including adequate surface parking and common laundry facilities.
The sponsor, a seasoned owner and operator throughout Chicago, required a non-recourse, high-leverage loan with maximum proceeds and a flexible prepayment structure. To ensure maximum proceeds and disposition flexibility, American Street Capital simultaneously structured three individual non-recourse loans with competitive spreads. The loans were placed with a correspondent agency lender.
The loans were 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 2018, ASC closed over 50 transaction across multiple states and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital