Renovated in 2017, the three-story buildings consisting of one and two bedroom apartments are located in Chicago’s South Shore neighborhood. The asset was 91% occupied at closing.
The sponsor, a foreign national, had completed substantial renovations in the past year and required a sizable cash-out. The loan was structured with a 20-yr term consisting of an initial 7-years fixed, followed by a 13-year floating period. The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule and 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 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. Follow American Street Capital on Twitter @AmericanStCap.
American Street Capital