CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged a $1.66 million permanent loan for a scattered site apartment portfolio of three multifamily buildings totaling 49 units located in Lakewood, Oh.
Located approximately seven miles west of Cleveland the multifamily properties unit mixes include studio, one, and two bedroom apartments. The portfolio consists of three separate parcels of which two are adjoining and the third is located approximately 1 mile away. Amenities include secure parking and common laundry.
Prior to the closing of the permanent loan, ASC facilitated a short term bridge loan to acquire one of the assets due to the seller’s timing constraints. The permanent loan cross collateralizing the three assets was structured with a 7-year fixed-rate term with 12 months of interest only and a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
The loan was originated by Igor Zhizhin, the President of ASC.
ASC was established in 2009 as a result of the unmet demand for a seasoned intermediary to source competitive debt during the challenging transition in the commercial lending environment. Our primary value is the ability to deliver non-recourse, long-term fixed terms, institutional pricing, and assumable structures for smaller financing requests historically only available to large operators with loans above $10MM dollars. With a seasoned staff having over 50 years of commercial lending experience, ASC successfully established itself as a leading small balance commercial mortgage firm having eclipsed 100 transactions and $150MM in funding in its first five years.