Chicago, IL – September 25, 2020 – American Street Capital (“ASC”) announced today that it has arranged $2.18 million acquisition loan for a 17-unit multifamily building located in Crystal Lake, IL.
Located in downtown Crystal Lake, the repurposed property was converted from an office building to a luxury multifamily building. The new one- and two- bedroom loft style apartments include high ceilings, exposed duct work, stainless steel appliances, quartz countertops and in-unit washer dryers. Additional building amenities include an elevator, storage and 89 surface parking spots. The newly converted multifamily building was 100 percent occupied at closing.
Deshe Real Estate exclusively engaged American Street Capital to source a high leverage acquisition loan with a flexible pre-payment penalty. American Street Capital arranged the 20-year loan term consisting of 5 years fixed and 15 years floating with an accelerated step-down pre-payment penalty. The loan was placed with a correspondent agency lender.
The loan was originated by Igor Zhizhin, the Founder and 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 News and National Real Estate Investor Magazine.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601