CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured $3.84 million acquisition loan for a 48-unit multifamily complex located in Crystal Lake, IL.
Built in 1962, the multi-family complex consists of six 8-unit buildings offering a mix of one and two bedroom apartments. Additional amenities included 82 surface parking spaces, common laundry and updated interior finishes.
The client was an absentee owner with a short history of owning assets in the immediate area that required a non-recourse loan with maximum leverage with a limited timeframe to close the transaction. ASC was able to meet the necessary deadline and source a 20-year term, non-recourse, 80% LTV solution that included 12 months of interest only payments, assumption capabilities, and a 30-year amortization. The loan was placed with a correspondent agency lender.
The loans were originated by Igor Zhizhin, the President of ASC.
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.
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