Chicago, IL – December 7, 2017 – American Street Capital (“ASC”) announced today that it has arranged $1.1 million in financing for a 16-unit multifamily property located in Chicago, IL. The transaction closed in November, 2017.
ASC exclusively represented the sponsor to secure the permanent financing for the multi-family property in the Bronzeville neighborhood of Chicago. The building was built in 1945 and recently renovated. The property has 16 two bedroom and two bathroom apartments with an average size of 1,275 square feet.
ASC secured a high leverage hybrid 20-year loan term with the first 10-year portion fixed. The loan featured a non-recourse, fully assumable structure with an initial 3 years of interest only converting into a 30-year amortization schedule for the balance of the term. The loan was placed with a correspondent agency lender.
The loan was originated by Alexander F. Rek, the Director of Operations 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 $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.
Alexander F. Rek
Director of Operations
American Street Capital