Chicago, IL – June 27, 2019 – American Street Capital (“ASC”) announced today that it has secured $2.85 million in permanent debt for a mixed-use portfolio located in Glen Ellyn, IL.
The portfolio consists of two contiguous mixed-use buildings located in downtown Glen Ellyn, IL which is 26 miles west of the Chicago central business district. Built in 1927 and 1973, the sponsor acquired the portfolio with a bridge loan and implemented a substantial value-add strategy, as this was the first time the buildings traded in 42 years. The unit mix is composed of two retail units consisting of 6,550 square feet and 28 apartments.
The sponsor requested a high-leverage loan with a substantial cash-out. American Street Capital facilitated a non-recourse 20-year term consisting of 5-years fixed and 15-years floating on a 30-year amortization. The loan 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 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