Chicago, IL – January 30, 2018 – American Street Capital (“ASC”) announced today that it has secured $2.62 million in permanent financing for a 39-unit multifamily property located in Chicago, IL.
American Street Capital worked on behalf of the foreign national sponsor to secure the cash-out refinance for a property located in the Rogers Park neighborhood of Chicago. Built in 1930, the four-story property contains a unit mix of studios and one bedroom apartments. The asset was 94% occupied at the time of closing.
In order to maximize cash flow the sponsor required an extended initial interest only period. ASC met the request with a 10-year fixed term with three years of interest only at a rate below 4.50%. The loan featured a non-recourse, fully assumable structure and was placed with a correspondent agency 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 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