Chicago, IL – June 30, 2021 – American Street Capital (“ASC”) announced today that it has arranged $3,094,000 acquisition financing for the purchase of a six-building multi-family portfolio. The properties were part of a larger association in Woodridge, a Southwest suburb of Chicago, IL.
The high net worth sponsor was pursing their first multi-family acquisition. The assignment was particularly challenging because this was their first purchase, the properties represent a small percentage of the association, they wanted maximum leverage, interest rate below 3.5%, 30-year amortization, no COVID reserves, and pre-payment flexibility. ASC successfully structured the transaction to include all of the buyer’s requirements and the ability to pay down 20% of the loan without a penalty. The fixed five-year loan included a 3.25% rate, 30-year amortization, limited closing costs, and a flexible 2%-2%-1%-1%-1% pre-payment schedule.
The portfolio at the time of the sale had 100% occupancy. The properties were built in 1979, had upgraded units, laundry facilities, air conditioning, balconies, and offered third-party management.
The loan was originated by Igor Zhizhin.
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 2020, ASC continued to expand its national footprint 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