Chicago, IL – September 22, 2016 – American Street Capital (“ASC”) announced today that it has arranged $3.80 million in financing for a 90-unit multi-family property in Hazel Crest, IL. The transaction closed in August, 2016.
ASC worked exclusively on behalf of the sponsor to secure a cash-out/refinance loan for a multi-family property located in Hazel Crest a southwest suburb of Chicago, IL. The apartment complex was built in 1988 and consists of 15 buildings located on 3.56 acres with a mix of 1 and 2 bedroom units. The sponsor requested a long term, non-recourse solution with a substantial cash-out for future capital improvements.
ASC successfully met the request with a competitive 20-year loan term funded through the Freddie Mac Small Balance Program (“SBL”). The loan featured 80% LTV, non-recourse obligation, assumption capabilities, partial term interest only payments, step-down pre-payment, and 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 multi-family, 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 $30MM, 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.
Alexander F. Rek
Director of Operations
American Street Capital