CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $2.95 million in financing for a 84-unit multi-family property in Kenosha, WI. The transaction closed in September, 2015.
ASC worked exclusively on behalf of their client to secure the cash-out/refinance loan with a 20-year term, high leverage, non-recourse, and fully assumable ARM structure with a correspondent Agency lender. The subject property is located in the city of Kenosha, Wisconsin the fourth largest city in the state of Wisconsin and considered to be part of the Chicago metropolitan statistical area.
Historically the sponsors utilized local lenders that strictly offered short-term recourse financing with very limited cash out options. ASC was successfully able to provide a sizeable cash out that included a long-term, non-recourse component with the added benefit of assumption capabilities and a step-down pre-payment. The loan also was very beneficial to monthly cash flow as it reduced their current interest rate by over 1.25% and with a 25-year amortization effectively maintained a similar monthly payment.
The loan was originated by Igor Zhizhin, the President 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 $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.