Chicago, IL – June 16, 2021 – American Street Capital (“ASC”) announced today that it has arranged a $4.84 million acquisition loan for a 100-unit affordable multifamily community in Greenville, NC.
Located approximately 88 miles west of Raleigh, Greenville is home to East Carolina University and Vidant Medical Center which is the fifth largest hospital in North Carolina. Built in 1981 and renovated in 2018, the 19-building garden style community is set on 10.38 acres. The unit mix consists of 20 one-bedroom and 80 two-bedroom units with an average size of 791 square feet. The community’s amenities include a swimming pool, tennis court, laundry facility, and 170 surface parking spaces. Through an existing HAP contract, 20 units are affordable, and income restricted.
ASC worked exclusively on behalf of the sponsor to secure the high leverage acquisition loan structured with a non-recourse, 12-year fixed term with three years of interest-only on a 30-year amortization. The loan was placed with a correspondent Agency lender.
Kyle Tyrrell, a Vice President 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 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.
American Street Capital
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