Chicago, IL – August 25, 2022 – American Street Capital (“ASC”) announced today that it has secured a $3,202,000 refinance loan for a light industrial building located in Melrose Park, IL.
Built in 1951, the two story, 255,565 SF building is situated on 7.56 acres and was originally acquired vacant. The space was divided into multiple units to decrease tenant concentration. The new units specifically cater to tenants in need of units between 500 to 10,000 square feet without the additional obligations of owning a building. Additional amenities include 14 ft ceilings, six loading docks, 2 grade level doors, and ample parking surrounding the building.
The sponsor exclusively engaged ASC to secure the rate and term refinance. American Street Capital arranged the 5-year fixed term loan on a 30-year amortization schedule with a step-down pre-payment penalty. The loan was placed with a local commercial bank.
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 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601