Chicago, IL – September 13, 2016 – American Street Capital (“ASC”) announced today that it has arranged $1.5 million in acquisition financing for a 71-pad, 6.9 acre senior mobile home park community in Ft. Myers, FL. The transaction closed in August, 2016.
ASC worked exclusively on behalf of the sponsor to secure the acquisition loan for the property with a national credit union. As a value-add opportunity with a large potential upside, the sponsor required having a fixed loan with a minimal amount of pre-payment to allow for cashing out his equity upon reaching rent stabilization. ASC secured a high leverage five year fixed loan on a 30-year amortization schedule with no pre-payment penalty.
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 $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