Chicago, IL – June 15, 2018 – American Street Capital (“ASC”) announced today that it has arranged $1.41 million in permanent financing for an office building located in Lincolnwood, IL.
Built in 1957, the two story office building consisting of 17,000 RSF is located 15 miles from downtown Chicago. The sponsors acquired the asset almost vacant and implemented a value-add strategy that consisted of substantial repairs and capital improvements to secure market rents during lease-up.
Upon reaching 80% occupancy, the long standing client requested a long term debt solution that allowed them to recuperate the capital invested during the reposition. American Street Capital structured a 75% advance consisting of a non-recourse, 10-year fixed term on a 30-year amortization. The loan was placed with correspondent CMBS 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 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.
Alexander F. Rek
Director of Operations
American Street Capital