Chicago, IL – November 11, 2021 – American Street Capital (“ASC”) announced today that it has secured a $2.37 million cash-out refinance loan for a multifamily building in Cleveland, OH.
Located in the Hingetown enclave of Cleveland, the four story brick and timber building warehouse was converted into apartments in 2005. The current sponsor acquired the property in 2015 and implemented his value-add strategy which included renovating kitchens and bathrooms. The unit mix consists of studio, one- and two-bedroom apartments totaling 19 units. Additional amenities include 26 parking spaces, storage lockers, on-site laundry and secure access.
American Street Capital exclusively represented the sponsor to secure the high leverage, non-recourse cash-out refinance loan for the multifamily building. The loan was structured with a 7-year fixed term, with two years of interest-only payments on a 30-year amortizations schedule. ASC placed the loan with a correspondent agency lender.
The loan was originated by Igor Zhizhin, the President and Founder 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