Chicago, IL – February 25, 2020 – American Street Capital (“ASC”) announced today that it has secured a $2.12 million cash-out refinance loan for a 40-unit multi-family building in Helena, MT.
Built in 1963, the three-story garden style building is situated on 0.52 acres located in downtown Helena. The unit mix is composed of studio, one- and two-bedroom apartments with an average unit size of 656 square feet. Additional amenities included 38 surface parking spaces, common laundry, storage, key card entry and security cameras. The asset was 97% occupied at closing.
The sponsor, an absentee owner, required a high leverage, long term loan with a substantial cash-out. Utilizing its agency correspondent relationships, American Street Capital arranged the high leverage, non-recourse, 12-year fixed term loan on a 30-year amortization schedule.
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 2019, ASC celebrated its 10th anniversary and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601