Chicago, IL – December 16, 2016 – American Street Capital (“ASC”) announced today that it has secured $6 million for the refinance of the Chicago Northside Storage property with over 52,800 sq ft and 500 units in Wilmette, IL. The transaction closed in November, 2016.
ASC worked exclusively on behalf of the sponsors’ to secure a cash-out/refinance loan for the self storage facility located in the Village of Wilmette which is part of the North Shore suburbs directly north of Chicago. The most recent repositioned facility for Han Capital it is located on 2.26 acres and contains a mixture of indoor and outdoor storage lockers, heated units, on site management, elevator, and over 10 different storage options including the ability to accommodate personal and recreational vehicles.
ASC successfully met the sponsor’s request with a 10-year fixed term, non-recourse, and fully assumable loan on a 30-year amortization schedule with a correspondent CMBS 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 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 $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.
Alexander F. Rek
Director of Operations
American Street Capital
About Han Capital
Han Capital (“Han”) is a Chicago based regional owner operator of self-storage facilities. Over the past seven years they have quickly established a strong regional presence in the Midwest with assets in Indiana, Illinois, Missouri and Michigan. Han currently manage over 5,000 storage units that total over half a million square feet of rentable space. Chicago Northside Storage is a prime example of their ability to successfully convert a value-add or adaptive reuse property into a modern self-storage facility offering institutional quality amenities.