CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged a total of $2.58 million for a two building, 52-unit multifamily portfolio located in Chicago, IL.
The sponsor, a seasoned owner and operator, was able to leverage his existing equity position in-order to acquire a second property without providing new equity. The portfolio of buildings is located in the South Shore neighborhood of Chicago and contains a mix of market and subsidized rents.
In order to meet the closing deadline for the purchase of the second asset, ASC successfully closed on both transactions simultaneously. The loans were structured with 20-year terms consisting of an initial 10-year fixed term followed by a 10-year floating period. The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule with a correspondent agency lender.
The loan was originated by Alexander F. Rek, the Director of Operations of ASC.
CIBC Continues Commitment to Affordable Housing with Thrive on King Historic Adaptive Reuse Project in Downtown Milwaukee
Capital Square and Partners Complete 195-Unit Single-Family Build-For-Rent Community in Suburban Dallas Submarket of Denton
The NRP Group and Housing Authority of The City of Austin Celebrate Grand Opening of 330-Unit The Markson Mixed-Income Community
CIM Group Completes Disposition of 1,180-Unit Mason at Van Dorn Apartment Community in WestEnd Alexandria Redevelopment Area
The latest multifamily industry news delivered to your inbox
MILWAUKEE, WI - CIBC announced its involvement in the Thrive on King project, a historic adaptive...
DALLAS, TX - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate...
AUSTIN, TX - In partnership with the Housing Authority of the City of Austin (HACA), The NRP Group...
ALEXANDRIA, VA - CIM Group announced that it has sold Mason at Van Dorn, a 1,180-unit apartment...
LAREDO, TX - Greystar Real Estate Partners, a global leader in the investment, development, and...
AUSTIN, TX - Endeavor Real Estate Group announced that its newest apartment community, Solomon, is...
DALLAS, TX - Waterford Property Company, The Vistria Group, and Northern Liberties, in partnership...
SAN ANTONIO, TX - Hamilton Zanze, a San Francisco-based real estate investment firm that owns and...
The latest multifamily industry news delivered to your inbox.