Chicago, IL – September 13, 2023 – American Street Capital (“ASC”) announced today that it has secured a $3,550,000 cash-out refinance loan for a 57-unit multifamily portfolio located in Chicago, IL.
The three building multifamily portfolio is in the West Ridge neighborhood of Chicago, also known as Little India. The portfolios unit mix consists of studio, one-, two-, and three-bedroom apartments. The portfolios amenities include secure entry, tenant storage and common laundry facilities.
The sponsor, a legacy client, requested a fixed term with a flexible pre-payment penalty. American Street Capital structured the non-recourse, assumable loan which included a 5-year fixed term consisting of an accelerated step-down prepayment penalty. 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