Chicago, IL – December 4, 2020 – American Street Capital (“ASC”) announced today that it has secured a $2.21 million cash-out refinance loan for a 11-unit multifamily building located in North Hollywood, CA.
Completed in 2020, the three-story multifamily building is located in the thriving NoHo arts district of Los Angeles. The individually metered units consist of large open floor plans with balconies, high-end finishes and in-unit washer dryers. Additional amenities include a parking garage, elevator, car wash bay, and 24-hour secure gated access. The asset was 100 percent occupied at closing.
The sponsor, a seasoned local owner operator, was looking for a substantial cash-out as he originally acquired the building in cash due to timing constraints. American Street Capital exclusively represented the sponsor in securing the non-recourse 10-year fixed loan with interest-only payments. The loan was placed with a correspondent agency lender.
The loan was originated by Kyle Tyrrell, a Vice 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 News and National Real Estate Investor Magazine.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601