Chicago, IL – August 9, 2023 – American Street Capital (“ASC”) announced today that it has secured a $2,054,000 cash-out refinance loan for a 24-unit multifamily located in Chicago, IL.
The Woodlawn neighborhood is located on Chicago’s south side with close proximity to the University of Chicago and the lakefront-adjacent Jackson Park. Built in 1902, the walk-up multifamily building comprises of 22 two-bedroom and 2 one-bedroom units. Amenities include secured entry, individual storage units and laundry facilities.
The sponsor, a legacy client, requested a short-term fixed loan to retire existing bridge debt. American Street Capital structured the non-recourse, assumable loan which included a 5-year fixed term with 2-years of interest-only payments. The loan was placed with a correspondent agency lender.
Igor Zhizhin, a Principal of ASC, originated the loan.
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 2022, ASC was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, and Connect Commercial Real Estate.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601