Chicago, IL – June 5, 2018 – American Street Capital (“ASC”) announced today that it has secured $2.27 million permanent loan for a light industrial building located in Chicago, IL.
Built in 1910 and located in Chicago’s Hermosa neighborhood, the two story, 133,000 RSF light industrial building was acquired in poor condition. The sponsor repositioned the property into 59 rentable units. Additional amenities of the building include ample parking, six loading docks, sprinkler system, and freight elevator. At the time of the request and at 62% physical occupancy, the sponsor required the release of four additional properties as secondary collateral so that he could pledge them for another acquisition.
ASC was able to source a cash out/refinance stabilized loan that would release all four buildings pledged as additional collateral while the property was still below 65% occupancy. The loan was a 5-year fixed loan on a 25-year amortization schedule. The loan was placed with a correspondent commercial bank lender.
The loans were 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 multi-family, 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