CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured $9.64 million in permanent debt for a 149-unit scattered site multi-family portfolio in the Chicago suburb of Oak Forest, Illinois.
Located approximately 24 miles from the Chicago central business district, Oak Forest is a southern suburb with easy access to public transportation and interstate expressways. The portfolio is composed of three scattered, non-contiguous multifamily complexes totaling 149 units consisting of one-, two-, and three-bedroom apartments. All three complexes provide additional amenities including adequate surface parking and common laundry facilities.
The sponsor, a seasoned owner and operator throughout Chicago, required a non-recourse, high-leverage loan with maximum proceeds and a flexible prepayment structure. To ensure maximum proceeds and disposition flexibility, American Street Capital simultaneously structured three individual non-recourse loans with competitive spreads. The loans were placed with a correspondent agency lender.
The loans were originated by Igor Zhizhin, the President of ASC.
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.