CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.38 million in financing for a 6-unit multi-family property in Chicago, IL. The transaction closed in March, 2016.
ASC worked exclusively on behalf of their client to secure a cash-out/refinance loan for a multi-family property in the Buena Park community of Chicago. The client required high leverage, non-recourse, at least two years of interest only payments and an assumable structure.
ASC successfully met the request with a competitive 10-year loan term. The loan was funded through the Freddie Mac Small Balance Program (“SBL”) that featured 80% LTV, non-recourse obligation, three years of interest only payments, assumption capabilities, step-down pre-payment, and a 30-year amortization schedule.
The loan was originated by Alexander F. Rek, the Director of Operations of ASC.
ASC was established in 2009 as a result of the unmet demand for a seasoned intermediary to source competitive debt during the challenging transition in the commercial lending environment. Our primary value is the ability to deliver non-recourse, long-term fixed terms, institutional pricing, and assumable structures for smaller financing requests historically only available to large operators with loans above $10MM dollars. With a seasoned staff having over 40 years of commercial lending experience, ASC successfully established itself as a leading small balance commercial mortgage firm having eclipsed 100 transactions and $150MM in funding in its first five years.