CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured $6.65 million in acquisition financing for a seven story, 30-unit multi-family portion of a mixed-use property in Chicago, IL. The transaction closed in September, 2016.
ASC worked exclusively on behalf of the sponsor to secure an acquisition loan for the multi-family property located in the South Loop neighborhood of Chicago. The recently fully renovated condo quality amenity building contained a unit mix of 1 & 2 bedroom units. In order to meet their yield requirement the sponsor required a long term, non-recourse, assumable loan on a 30-year amortization schedule with a rate below 4%.
ASC successfully met the sponsor’s request with a 15-year fixed term, non-recourse, and fully assumable loan on a 30-year amortization schedule with a correspondent life insurance company lender.
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.