Chicago, IL – October 20, 2018 – American Street Capital (“ASC”) announced today that it has secured $1.07 million acquisition loan for a 32-unit multifamily complex located in Cincinnati, Oh.
Built in 1963, the multifamily complex consists of eight, two story buildings offering three bedroom updated apartments totaling 32,832 square feet. Additional amenities include in-unit washer and dryer, 48 surface parking spaces and an on-site playground.
Current ownership needed to be restructured, therefore the sponsors’ required a new long term permanent loan to buy-out existing membership interests. ASC sourced a 20-year term, non-recourse, 80% LTV solution that included assumption capabilities and a 30-year amortization. The loan was placed with a correspondent agency lender.
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 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. Follow American Street Capital on Twitter @AmericanStCap.
American Street Capital