CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $5.80 million in financing for a 132-unit multi-family property in Waukegan, IL. The transaction closed in November, 2015.
ASC worked exclusively on behalf of the sponsors to secure the high leverage acquisition loan with a 10-year term, non-recourse, and fully assumable structure with a correspondent Agency lender. The subject property is located in the city of Waukegan which is the county seat and largest city in Lake County, Illinois.
Westwood Apartments is a 132-unit B-Class apartment complex community located 2.5 miles west of the Central Business District of Waukegan, IL. Built in 1970, the spacious property is comprised of 11 well-maintained Garden-Style two-story buildings exclusively with large two bedroom floor plans. The community amenities include an on-site office suite, exercise room, playground, picnic area, laundry facilities in each building and 225 parking spaces.
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