Chicago, IL – June 14, 2016 – American Street Capital (“ASC”) announced today that it has arranged $1.40 million in financing for a mixed-use property located in the Old Town neighborhood of Chicago, IL. The transaction closed in May, 2016.
ASC worked exclusively on behalf of their client to secure a short-term bridge loan used to renovate a vacant property. The client required a full-term interest reserve to eliminate any need to make monthly debt payments prior to generating any rental income. The loan was funded through a correspondent private equity lender. The mixed-use property consisted of four residential units and a single locally owned, non-credit retail storefront tenant.
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.
Alexander F. Rek
Director of Operations
American Street Capital