Chicago, IL – January 20, 2021 – American Street Capital (“ASC”) announced today that it has arranged a $3.12 million permanent loan for a light industrial park located in Melrose Park, IL.
Built in 1951, the two story, 255,565 square-foot industrial building is situated on 7.56 acres and was recently repositioned from a single tenant to multiple tenant building. Additional amenities include 14-ft ceilings, six loading docks, two grade-level doors, and ample parking surrounding the building. Melrose Park is a western suburb of Chicago located 14 miles from the central business district.
The loan request required a sizeable cash out, a significant interest rate reduction, and with maximum pre-payment flexibility. This was a challenge because of a limited history of stabilization, local tenants with short-term leases, and reduced lending options due to COVID-19. Utilizing a correspondent bank with a strong commitment to the area and asset class, ASC successfully secured a new loan which consisted of a partial recourse 7-year fixed term on a 25-year amortization schedule. Sharone Lavi, the principal of Urban Real Estate Investments, commented, “We appreciate the relationship with ASC to help identify an aggressive lender for Ruby during the challenges of finding a competitive solution during COVID. Over the past four years they have been very helpful in placing debt that has supported our growth strategy.”
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 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