Chicago, IL – July 14, 2021 – American Street Capital (“ASC”) announced today that it has secured a $2 million bridge loan for a 24-unit multifamily building in Chicago, IL.
The Woodlawn neighborhood is located on Chicago’s south side with close proximity to the University of Chicago and the lakefront-adjacent Jackson Park. Built in 1902, the walk-up multifamily building comprises of 22 two-bedroom and 2 one-bedroom units. Amenities include secured entry, individual storage units and laundry facilities.
American Street Capital exclusively represented the sponsor to secure the 80 percent LTC bridge loan to acquire and rehab the subject property. ASC utilized its correspondent debt fund relationships to secure the interest-only 18-month fixed loan with no pre-payment penalty.
The loan was originated by Igor Zhizhin, the President and Founder 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 2020, ASC continued to expand its national footprint 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