Chicago, IL – June 18, 2019 – American Street Capital (“ASC”) announced that it has secured a $2.53 million acquisition loan for a multifamily complex located in Hickory Hills, IL.
Located approximately 18 miles southwest of the Chicago central business district, the California style multifamily complex contains two buildings totaling 48 units situated on 1.1 acres. Both buildings are composed of 24 one-bedroom units averaging 575 square feet. Additional amenities include 48 surface parking spaces and laundry facilities. The asset was 100 percent occupied at closing.
Due to the seller’s timing constraints, the sponsors required an expeditious closing. American Street Capital facilitated the short-term bridge loan to acquire the asset with a correspondent agency lender. Shortly after the closing of the bridge loan, ASC structured the permanent financing with a 20-year term consisting of five years fixed and 15 years floating on a 30-year amortization schedule.
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 real estate finance 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