CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured $3.84 million acquisition loan for a 64-unit multifamily complex located in Hanover Park, IL.
Built in 1962, the multi-family complex consists of four 16-unit buildings all comprised of two bedroom apartments. Additional amenities included 82 surface parking spaces, common laundry and updated interior finishes.
The client was an absentee owner with a short history of owning assets in the immediate area that required a non-recourse loan with maximum proceeds. American Street Capital was able to meet the necessary deadline and source a 20-year term, non-recourse, 80% LTV solution that included 12 months of interest only payments, assumption capabilities, and a 30-year amortization. The loan was placed with a correspondent agency lender.
The loan was originated by Igor Zhizhin, the President of American Street Capital.
About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multifamily, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail, office, owner-occupied properties, and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative, customized approach to sourcing commercial real estate debt that is unique among its competitors. Focusing primarily on the more challenging transactions in the small balance segment for loans up to $50MM, ASC has established a national reputation of offering best in class customer service and loan structures that historically were exclusively available to large balance institutional clients. Further information is available at www.amstcap.com. Follow American Street Capital on Twitter @AmericanStCap