Chicago, IL – October 8, 2020 – American Street Capital (“ASC”) announced today that it has arranged a $1.45 million permanent loan for the refinance of an industrial property located in the Belmont Gardens neighborhood of Chicago, IL.

The sponsor, an established operator throughout the Chicago market, specializes in multi-tenant industrial properties that target local tenants wanting shorter term leases. He wanted to get a very competitive fixed rate loan and retain his short-term leasing strategy while avoiding an extensive amount of reserves, loan structuring, and a restrictive pre-payment schedule. With roughly 20% of the tenants on month-to-month leases and 65% of the leases maturing within three years, this was a very difficult request due to COVID-19’s significant impact on the lending appetite for these asset types with over 50% rollover risk during the loan term. ASC successfully structured a competitive 5-year fixed term transaction with no TI/LC reserves and a customized rapidly declining pre-payment which is fully waived if the property was sold.

The property was fully remodeled with new mechanicals and exterior and interior upgrades from 2017-2018. At loan closing the building was 96% occupied.

The loan was originated by Igor Zhizhin, the Founder and 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 In 2019, ASC celebrated its 10th anniversary 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