CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.5 million in financing for a 57-unit multifamily property in Chicago, IL. The transaction closed in March, 2017.
ASC exclusively represented the sponsor to secure the cash-out refinance loan for a multi-family property located in the Edgewater neighborhood of Chicago, IL. The multi-family building was built in 1969 and consists of 57 residential units with a unit mix of studio and 1 bedroom apartments.
ASC successfully met the request with a competitive 15-year fixed term, non-recourse, fully assumable structure on a 30-year amortization schedule with a correspondent agency lender.
The loan was originated by Igor Zhizhin, the President of ASC.
ASC was established to support the growing demand for a seasoned intermediary to source CMBS debt for small balance commercial real estate loans. With a staff having over 40 years of collective commercial lending experience, ASC has quickly gained a reputation as a premier national commercial mortgage correspondent firm.