Chicago, IL – January 19, 2018 – American Street Capital (“ASC”) announced today that it has arranged a total of $2.58 million for a two building, 52-unit multifamily portfolio located in Chicago, IL.
The sponsor, a seasoned owner and operator, was able to leverage his existing equity position in-order to acquire a second property without providing new equity. The portfolio of buildings is located in the South Shore neighborhood of Chicago and contains a mix of market and subsidized rents.
In order to meet the closing deadline for the purchase of the second asset, ASC successfully closed on both transactions simultaneously. The loans were structured with 20-year terms consisting of an initial 10-year fixed term followed by a 10-year floating period. The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule with a correspondent agency lender.
The loan was originated by Alexander F. Rek, the Director of Operations 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