Chicago, IL – December 15, 2020 – American Street Capital (“ASC”) announced today that it has secured a $11.45 million permanent loan for a 144-unit multifamily complex in Alsip, IL.
Located approximately 24 miles from the Chicago central business district, Alsip is a southwest suburb with easy access to public transportation and interstate expressways. Built in 1974, the 12 building complex is situated on 5.87 acres and consists of 72 one-bedroom and 72 two-bedroom apartments. Amenities included 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 94 percent occupied at closing.
The sponsor, a seasoned owner operator, acquired the asset in Q1 2020 and immediately began implementing his value-add strategy. Improvements made to the property include new roofs, common areas, siding, unit flooring and kitchens. After completing the reposition, the sponsor exclusively retained ASC to secure the permanent loan. ASC structured the cash-out refinance with a partial recourse, 5-year fixed term on a 30-year amortization schedule. The loan was placed with correspondent bank.
The loan was originated by Igor Zhizhin, the 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 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