CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged $1.13 million in financing for a 6-unit multi-family property in Chicago, IL. The transaction closed in March, 2015.
ASC worked exclusively on behalf of their client to secure an acquisition loan for a recently remodeled multi-family property in the East Village community of Chicago. The challenge was that for most secondary market lenders the combination of loan size and the very short history of stabilization at the property made the transaction not eligible to receive the type of loan the sponsor required. In order to proceed with the purchase, the sponsor had requested a competitively priced, higher leverage, non-recourse ARM structure loan without a short-term balloon. As one of the few local mortgage bankers given an opportunity to actively promote the recently launched Freddie Mac Small Balance Loan (“SBL”) program, ASC was able to successfully meet the rate, structure, and term needs of the client with a correspondent agency lender.
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 real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multi-family, 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 $30MM, 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. Follow American Street Capital on Twitter @AmericanStCap.