Chicago, IL – March 12, 2019 – American Street Capital (“ASC”) announced today that it has closed a $1,270,000 cash-out refinance for a 9-unit multifamily property located in Tuxedo Park, NY.
Situated on 2.6 acres and originally built in the early nineteen hundreds as an estate for a prominent banker, the 16,000 SF mansion was later converted to a nine unit apartment building. The buildings unit mix consists of four 2 bedroom and five 3 bedroom apartments. The building was 100% occupied at closing.
The loan was structured with a 7-year fixed term that included three years of interest only. The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule and was placed with a correspondent agency 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 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. Follow American Street Capital on Twitter @AmericanStCap.
American Street Capital