CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $2.13 million in financing for a 60-unit multi-family property in Loves Park, IL. The transaction closed in March, 2015.
ASC worked exclusively on behalf of their client to secure a 10-year, non-recourse, fully assumable loan with a correspondent agency lender in Loves Park a city in Winnebago County located in northern Illinois 80 miles Northwest of Chicago. The client was a seasoned operator that historically financed his sizeable portfolio through local community banks and due to being in a tertiary market was not able to source an institutional structure on his own. ASC was successfully able to source a very competitively priced long-term, higher leverage, non-recourse solution that also allowed for a cash-out to retire some higher rate obligations. The new loan simultaneously allowed the client to take advantage of a more competitive secondary market product while allowing him additional opportunities to use his local lenders for value added acquisitions in the future.
The loan was co-originated by Tim Dineen, a Senior Advisor, and Alexander F. Rek, the Director of Operations, of ASC.
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 multi-family, 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 $30MM, 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