Chicago, IL – October 24, 2018 – American Street Capital (“ASC”) announced today that it has arranged a $1,840,000 million loan for a 29-unit multifamily property located in Chicago, IL.
Built in 1918 and renovated in 2017, the three-story courtyard building consisting of one, two, and three bedroom apartments is located in Chicago’s South Shore neighborhood. The asset was 96% occupied at closing.
The loan was structured with a 20-yr term consisting of an initial 10-years fixed term followed by a 10-year floating period. The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule. The loan was placed 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 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.
Alexander F. Rek
Director of Operations
American Street Capital