Chicago, IL – August 8, 2019 – American Street Capital (“ASC”) announced today that it has secured a $1.76 million cash-out refinance loan for a 32-unit multi-family complex located in Cape Coral, FL.
Built in 1967 and recently rehabbed, the four building multi-family complex’s unit mix consists of studio, one- and two-bedroom units with an average size of 560 square feet. The property is situated on 0.92 acres and provides additional amenities including a swimming pool, 32 surface parking spaces and a leasing office. The asset was 93 percent occupied at the closing.
After completing numerous improvements and raising the gross potential income, the sponsor required a long-term loan with a sizable cash-out. American Street Capital structured the loan with a non-recourse 10-year fixed term, with a step-down pre-payment penalty and 30-year amortization. The loan was placed with a correspondent agency lender.
The loan was co-originated by Igor Zhizhin, the President of ASC and Alexander F. Rek, the Director of Operations.
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 2018, ASC closed over 50 transaction across multiple states and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital