Chicago, IL – November 16, 2020 – American Street Capital (“ASC”) announced today that it has secured a $3 million permanent loan for an office building located in Chicago’s River North neighborhood.
Built in 1920 and located in downtown Chicago’s River North neighborhood, the five-story, 25,000 SF office building was acquired vacant in early 2018. The renovation of the building focused on providing five open-concept 1,000 SF floor plates that emphasized the building’s historical loft features, such as hardwood floors, exposed brick walls, and exposed wooden beams and posts. In addition to a complete rehab, modern amenities such as a high-speed elevator, a common rooftop deck, and updated common areas were also added.
The sponsor group was looking for a fixed balance sheet product with pre-payment flexibility. American Street Capital was able to source the three-year fixed term loan on a 25-year amortization schedule with a step-down pre-payment penalty. The permanent loan was placed with a correspondent bank. ASC also placed the bridge loan that was taken out by the new loan.
The loan was originated by Igor Zhizhin, the Founder and 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 2019, ASC celebrated its 10th anniversary and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601