CHICAGO, IL - American Street Capital (“ASC”) on behalf of their strategic partner The LIHTC Group announced today that it has arranged $1.2 million in financing for a 36-unit multi-family property in Ft. Myers, FL. The transaction closed in March, 2016.
ASC worked exclusively on behalf of their client to secure a cash-out/refinance loan for a recently renovated and repositioned multi-family property. The client required high leverage, non-recourse, and an assumable structure. ASC successfully met the request with a very competitive 10-year term that included an initial two years of interest only payments. The loan was funded through the Freddie Mac Small Balance Program (“SBL”) that featured 80% LTV, non-recourse obligation, assumption capabilities, step-down pre-payment, and a 30-year amortization schedule.
The loan was originated by Alexander F. Rek, Director of Operations of ASC, for the client of Jonathan P. Richards, Senior Vice President of The LIHTC Group.
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.
About The LIHTC Group: With offices in Illinois and Florida, The LIHTC Group specializes in providing national brokerage and consulting services devoted entirely to investors of Section 42 low-income housing tax credit (LIHTC) and market-rate apartment properties. With coverage in all 50 states and Puerto Rico, The LIHTC Group advisors collectively have more than 50 years of multifamily brokerage experience and have completed more than $2 billion in apartment sales transactions. Further information is available at www.lihtcgroup.com