Chicago, IL – October 22, 2019 – American Street Capital (“ASC”) announced today that it has arranged $13.62 million in permanent debt for a twenty building multifamily portfolio located in Chicago, IL.
The portfolio, consisting of 214 units scattered over 20 buildings, is located on Chicago’s south side in various neighborhoods such as Bronzeville, Kenwood, and Southshore. The sponsor, a Chicago based REIT, originally acquired the assets distressed and completed substantial capital improvements to lease-up and stabilize the multifamily buildings. The portfolio includes a mix of market and subsidy tenants and was over 95% occupied at closing.
Due to programmatical guidelines, the portfolio was separated into three separate loans based on the geography and size of the buildings. Each loan was structured with a 12-year fixed term including 5-years of interest only on 30-year amortization schedule. The loans were placed with a correspondent agency lender.
The loans were co-originated by Igor Zhizhin and Alexander F. Rek.
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 2018, ASC closed over 50 transaction across multiple states and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital