Chicago, IL – July 7, 2021 – American Street Capital (“ASC”) announced today that it has secured a $8.17 million cash-out refinance loan for a 45-unit multifamily building in Chicago, IL.
Located on a prominent boulevard in Logan Square, the courtyard style multifamily building was originally built in 1928 and recently gut renovated and modernized. The unit mix is composed of one-, two- and three-bedroom apartments with hardwood floors, condo-quality kitchens and sunrooms. Additional amenities include a large bike storage room, Wi-Fi, and smartphone-controlled common laundry. The subject property is located 0.5 miles from the California mass transit station.
American Street Capital exclusively represented the sponsor to secure the high leverage cash-out refinance loan. ASC utilized its correspondent agency relationships to secure a 5-year fixed, non-recourse loan on a 30 year amortization schedule. Prior to this transaction, ASC placed the acquisition bridge loan and original permanent debt for the asset.
The loan was originated by Igor Zhizhin, the President and Founder 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 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
121 West Wacker Drive, Suite 2206
Chicago, IL 60601