Chicago, IL – June 6, 2019 – American Street Capital (“ASC”) announced today that it has secured a $2.74 million acquisition loan for a mixed-use building located in Chicago, IL.
Built in 1930 and located on a main avenue in the Ravenswood neighborhood of Chicago, the mixed-use building consists of five ground-level retail units and 12 apartments. Retail tenant concentration is composed of local established tenants. The unit mix consists of studio, one- and two-bedroom apartments.
The client was a foreign national who required a non-recourse loan with maximum proceeds. American Street Capital was able to meet the necessary deadline and source a 10-year term, non-recourse, 80 percent Loan-to-value solution with assumption capabilities, and a 30-year amortization. The loan was placed with a correspondent CMBS 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 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 2018, ASC closed over 50 transaction across multiple states and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital