CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $5.5 million in financing for an 18-unit multi-family property in Chicago, IL. The transaction closed in March, 2016.
ASC worked exclusively on behalf of the sponsors to secure a cash-out/refinance loan for a multi-family property in the Andersonville community of Chicago. The subject property was acquired in 2010 and fully remodeled by 2012 offering best in class, condo quality amenities including a heated indoor parking garage, elevator, fitness center, party room, and rooftop deck. The client requested a non-recourse cash out/refinance with an assumable step-down pre-payment that was significantly above the initial cost basis and was substantially above the programmatic loan ceiling for the prospective lender.
ASC successfully met the sponsors’ permanent financing request with a very competitive, nonrecourse, assumable loan with a 5-year ARM term on a 20-year schedule, and a step-down prepayment on a 30-year amortization schedule. The proceeds represented one of the five largest loan amounts in the Chicago market for this program. The loan was funded through the Freddie Mac Small Balance Program (“SBL”).
The loan was originated by Igor Zhizhin, the President of ASC.