CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $2.35 million in financing for a 13-unit multifamily property located in Chicago, IL. The transaction closed in July, 2017.
The long standing client refinanced a construction loan facilitated by ASC to successfully cash out his basis after having recently stabilized the property.
The building contains a total of 13-units comprised of ten 2BR/1BA and three 3BR/1BA. The amenities of the building include condo quality finishes, balconies, common laundry room, and an indoor three car garage.
Upon stabilization, the sponsor requested a competitive long term debt solution that provided a sizeable cash-out. ASC secured max proceeds with a competitive 20-year term consisting of an initial 5-years fixed term followed by a 15-years floating period. The loan featured a non-recourse, fully assumable structure with 1-yr of interest only that converts to a 30-year amortization schedule with a correspondent agency lender.
The loan was originated by Igor Zhizhin, the President of ASC.