Chicago, IL – August 27, 2019 – American Street Capital (“ASC”) announced today that it has secured $3.85 million cash-out refinance loan for a single tenant office building located in Miami, FL.
Located approximately seven miles from downtown Miami, Brickell, and Miami Beach, the office building was built in 1979 and extensively renovated in 2018 to accommodate the new tenant. The two story, 11,994 square foot building is situated on 0.73 acres with 42 surface parking spaces. The building is currently occupied by a digital marketing company with a 10-year triple net lease.
The sponsor required a substantial cash-out and no pre-payment penalty. American Street Capital worked on behalf of the sponsor to place the five year fixed loan with a 30-year amortization schedule and no pre-payment penalty with a correspondent national credit union.
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