CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $3.80 million in financing for a 90-unit multi-family property in Hazel Crest, IL. The transaction closed in August, 2016.
ASC worked exclusively on behalf of the sponsor to secure a cash-out/refinance loan for a multi-family property located in Hazel Crest a southwest suburb of Chicago, IL. The apartment complex was built in 1988 and consists of 15 buildings located on 3.56 acres with a mix of 1 and 2 bedroom units. The sponsor requested a long term, non-recourse solution with a substantial cash-out for future capital improvements.
ASC successfully met the request with a competitive 20-year loan term funded through the Freddie Mac Small Balance Program (“SBL”). The loan featured 80% LTV, non-recourse obligation, assumption capabilities, partial term interest only payments, step-down pre-payment, and a 30-year amortization schedule.
The loan was originated by Igor Zhizhin, the President 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.