CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.5 million in acquisition financing for a 71-pad, 6.9 acre senior mobile home park community in Ft. Myers, FL. The transaction closed in August, 2016.
ASC worked exclusively on behalf of the sponsor to secure the acquisition loan for the property with a national credit union. As a value-add opportunity with a large potential upside, the sponsor required having a fixed loan with a minimal amount of pre-payment to allow for cashing out his equity upon reaching rent stabilization.
ASC secured a high leverage five year fixed loan on a 30-year amortization schedule with no pre-payment penalty.
The loan was originated by Alexander F. Rek, the Director of Operations of ASC.
ASC was established in 2009 as a result of the unmet demand for a seasoned intermediary to source competitive debt during the challenging transition in the commercial lending environment. Our primary value is the ability to deliver non-recourse, long-term fixed terms, institutional pricing, and assumable structures for smaller financing requests historically only available to large operators with loans above $10MM dollars. With a seasoned staff having over 40 years of commercial lending experience, ASC successfully established itself as a leading small balance commercial mortgage firm having eclipsed 100 transactions and $150MM in funding in its first five years.