Chicago, IL – September 12, 2018 – American Street Capital (“ASC”) announced today that it has secured a $2,700,000 bridge loan for a light industrial building located in Melrose Park, IL.
Built in 1951, the two story, 255,565 SF industrial building is situated on 7.56 acres and was acquired vacant with the intent to divide the space into multiple units to decrease tenant concentration. Additional amenities include 14 ft ceilings, six loading docks, 2 grade level doors, and ample parking surrounding the building.
The loan was a challenge due to the requirement of a conventionally priced bridge loan, high leverage, multiple years of interest only and most importantly needing to close under a short timeline. Utilizing a correspondent bank with a strong appetite for this asset class, ASC was successfully able to secure a bridge loan that was 90% of purchase price, 2 years of a competitive spread fixed interest only rate, and streamlined conversion into a fixed rate permanent loan within the required time frame.
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 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. Follow American Street Capital on Twitter @AmericanStCap.
American Street Capital