Chicago, IL – April 4, 2022 – American Street Capital (“ASC”) announced today that it has arranged a $9,450,000 cash-out refinance for a light industrial portfolio located in Chicago, IL.
The first of the two deals include a $6,090,000 cash-out refinance loan for a 102,850 square foot two-story light industrial building located on Chicago’s west side. The property includes interior and exterior docks, drive-in bays, 16-foot ceilings, new mechanicals, and 120 onsite parking spaces.
The second is a $3,360,000 cash-out refinance loan for a 90,975 square foot, light industrial property located in the same industrial corridor. Located on 4 acres, the property consists of two adjacent buildings and a large parking lot. The property’s amenities include interior loading docks, drive-in bays, recently renovated restrooms, and ample parking. Both spaces cater to uses such as storage, wholesale, distribution, and manufacturing.
The sponsors exclusively retained American Street Capital to secure the high leverage, cash-out loans for the buildings. ASC structured both loans with a 5-year term on a 25-year amortization schedule with a 3, 2, 1, 0, 0 percent pre-payment penalty. The loans were placed with a correspondent bank lender.
Igor Zhizhin, the Founder and President of ASC, originated the loans.
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 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601