CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged a $4,200,000 cash-out refinance loan for a multifamily complex located in Loves Park, IL.
Located 80 miles northwest of the Chicago CBD, Loves Park is a city in Winnebago County bordering Rockford, IL. Built in 1969, the 60-unit multifamily complex consists of 8 buildings located on 3.34 acres. The units are made up of one-, two-, and three-bedroom apartments. Additional amenities include 70 surface parking spaces, secure entry, and common laundry facilities.
The sponsor, a seasoned owner-operator in the market, exclusively engaged ASC to facilitate a long-term assumable solution with maximum loan proceeds. American Street Capital utilized its CMBS lending relationships to arrange the non-recourse 10-year fixed-term loan with 2 years of interest-only payments.
Igor Zhizhin, a Principal of ASC, originated the loan.
About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial mortgage banking 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. In 2022, ASC was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, and Connect Commercial Real Estate.