Chicago, IL – March 10, 2020 – American Street Capital (“ASC”) announced today that it has arranged a $1.98 million cash-out refinance loan for a 23-unit multi-family building in Chicago, IL.
Built in 1899, the three-story walk-up multifamily building is located in Chicago’s Logan Square neighborhood within close proximity to public transit. The unit mix is composed of nine one-bedroom and 14 two-bedroom apartments with an average unit size of 952 square feet. Additional amenities include in-unit HVAC, common laundry and tenant storage. The asset was 100 percent occupied at closing.
The seasoned owner-operator requested a low leverage long term loan to align with their investment strategy. American Street Capital arranged the non-recourse 20-year loan term consisting of 10 years fixed and 10-years floating on a 30-year amortization schedule. 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 mortgage banking 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. In 2019, ASC celebrated its 10th anniversary and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601