ASC Arranges $1.15 Million in Financing for Multifamily Community in Chicago, Illinois

CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged $1.15 million in financing for a 6-unit multi-family property in Chicago, IL. The transaction closed in July, 2016.

ASC worked exclusively on behalf of the sponsor to secure a cash-out/refinance loan for a multi-family property in the Edgewater community of Chicago. In order to position the building for a long term hold strategy, the sponsor required a high leverage, ARM structure with three years of interest only.

ASC successfully met the request with a competitive 20-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.