CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.48 million in financing for a 9-unit multi-family property in Miami, FL. The property is located in the Upper East Side neighborhood of Miami.
The loan was a sizeable cash out through permanent financing to take out a bridge loan secured by ASC in December, 2014 to acquire, renovate, and reposition the property.
ASC successfully secured financing that included an 80% loan to value, a non-recourse structure, 5-year ARM on a 20-year term, assumable debt, one year of interest only, a start rate below 4%, and 30-year amortization payment schedule.
This demonstrates ASC’s ability to arrange competitive institutional bridge and permanent financing solutions nationally for small balance requests typically only available for loan requests above $3 million dollars.
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 $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.