Chicago, IL – January 31, 2022 – American Street Capital (“ASC”) announced today that it has arranged a $3,080,000 cash-out refinance bridge loan for a 100-unit multifamily building in Shaker Heights, OH.
Shaker Heights is an affluent suburb of Cleveland located on the eastern edge of the city limits. The building is within walking distance of Shaker Square a shopping, dining, and entertainment district. The six-story mid-rise multifamily building is composed of 30 studios and 70 one-bedroom apartment, with an average size of 576 square feet. Common amenities include an elevator, common laundry facilities, 82 parking spaces and on-site security.
The sponsor, an active owner operator, requested a high leverage short-term loan to update the asset prior to taking it into long term permanent debt. American Street Capital arranged the 18-month interest-only loan, which provided the necessary proceeds to make the desired improvements. The loan was placed with a correspondent debt fund.
Kyle Tyrrell, a First Vice President of ASC, originated the loan.
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 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601