CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged $11.14 million in financing for a 40-unit mixed-use property in Chicago, IL. The transaction closed in February, 2017.
ASC exclusively represented the sponsor to secure the acquisition loan for a mixed-use property located in the North Center neighborhood of Chicago, IL. The condo quality mixed-use building was built in 2009 and consists of 6 ground floor retail units and 34 residential units with a unit mix of 2 and 3 bedroom apartments. Additional amenities include 3 elevators, in-unit washer and dryers, large balconies, rooftop decks, and indoor parking.
Through its established correspondent relationships, ASC was able to secure a 7-year term, high leverage, non-recourse, fully assumable loan on a 30-year amortization schedule.
The loan was originated by Igor Zhizhin, the President of ASC.
ASC was established to support the growing demand for a seasoned intermediary to source CMBS debt for small balance commercial real estate loans. With a staff having over 40 years of collective commercial lending experience, ASC has quickly gained a reputation as a premier national commercial mortgage correspondent firm.