Chicago, IL – February 12, 2019 – American Street Capital (“ASC”) announced today that it has secured a $12 million cash out refinance for a triple net, single tenant grocer occupied by Stop & Shop located in Manchester, CT a suburb of Hartford.
Built in 1992 and renovated in 2018, the property has a gross area of 7.65 acres and GBA of roughly 69,000 sq ft. The asset shadow anchors a regional shopping center and includes 400 parking spaces and 7 loading docks.
The challenging request was to source a 10-year fixed loan with maximum leverage, a highly competitive interest rate, and longer amortization for a single tenant property with a lease expiration during the loan term.
ASC sourced a non-recourse, 10-year fixed term on a 30-year amortization schedule which represented a net cash out in excess of 40% of the current debt. The loan was placed with a correspondent CMBS lender.
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 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.
American Street Capital