CHICAGO, IL - American Street Capital (“ASC”) announced today it arranged $2.80 million in financing for a 56-unit multi-family property in Loves Park, IL. The transaction closed in July, 2015.
ASC worked exclusively on behalf of their client to secure a 20-year term, high leverage, non-recourse, and fully assumable ARM structure loan with a correspondent Agency lender. The subject property is one the best maintained properties in the City of Loves Park, the second largest city in Winnebago County, Illinois.
The client required a high leverage, non-recourse loan that had an initial long-term fixed portion but structured as an ARM to provide future sale and refinance flexibility. None of these requirements were available through his long standing community bank relationships. The secondary market loan facilitated by ASC was a 10-year ARM on a 20-year term that offered a combination of rate, proceeds, and structure that accomplished all the goals of the client.
The loan was co-originated by Tim Dineen, a Senior Advisor, and Alexander F. Rek, the Director of Operations, 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.