CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.33 million in financing for a 14-unit multifamily building located in Miami, FL. The transaction closed in June, 2017.
ASC exclusively represented the sponsor to secure the acquisition loan for a multi-family building located in the rapidly gentrifying Little Havana neighborhood of Miami, FL. The building consisting of 14 units with a unit mix consisting of 1 & 2 bedroom apartments was built in 1925 and is subject to a long-standing HAP contract.
Through its established correspondent relationships specializing in affordable housing, ASC was able to secure a non-recourse, 7-year term, and assumable loan that allowed the sponsor to recoup his entire original investment from acquisition. The loan also included two initial years of interest only payments followed by a 30-year amortization schedule for the balance of the loan term.
The loan was originated by Igor Zhizhin, the President of ASC.
American Street Capital, LLC (“ASC”) is a national commercial real estate finance advisory firm with extensive correspondent lending relationships. ASC specializes 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 from $750,000 to $50,000,000.