CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged $4.6 million in financing for the acquisition of a ten building, 98-unit multifamily portfolio located in Chicago, IL.
The sponsor, an established owner and operator throughout Chicago, was acquiring a portfolio of predominantly smaller multi-family assets spread throughout the South Shore and Woodlawn neighborhoods of Chicago. The recently improved portfolio consists of vintage multifamily buildings totaling 98 units and offers a mix of studio, one, and two bedrooms apartments.
The loan was a challenging request due to the sponsor looking for a non-recourse solution for a highly spread out portfolio with a large portion of the properties falling below loan floor minimums. ASC successfully provided a non-recourse cross collateralization structure with an 7-year fixed term that included assumption capabilities and a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
The loan was co-originated by Igor Zhizhin and Alexander F. Rek.
About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multi-family, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail, office, owner-occupied properties, and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative, customized approach to sourcing commercial real estate debt that is unique among its competitors. Focusing primarily on the more challenging transactions in the small balance segment for loans up to $50MM, ASC has established a national reputation of offering best in class customer service and loan structures that historically were exclusively available to large balance institutional clients. Further information is available at www.amstcap.com. Follow American Street Capital on Twitter @AmericanStCap.