CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $1.76 million cash-out refinance loan for a 32-unit multi-family complex located in Cape Coral, FL.
Built in 1967 and recently rehabbed, the four building multi-family complex’s unit mix consists of studio, one- and two-bedroom units with an average size of 560 square feet. The property is situated on 0.92 acres and provides additional amenities including a swimming pool, 32 surface parking spaces and a leasing office. The asset was 93 percent occupied at the closing.
After completing numerous improvements and raising the gross potential income, the sponsor required a long-term loan with a sizable cash-out. American Street Capital structured the loan with a non-recourse 10-year fixed term, with a step-down pre-payment penalty and 30-year amortization. The loan was placed with a correspondent agency lender.
The loan was co-originated by Igor Zhizhin, the President of ASC and Alexander F. Rek, the Director of Operations.
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