CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured a $1.56 million loan for a 32 unit multifamily complex located in Belvidere, IL.
Located approximately 72 miles from the Chicago CBD, Belvidere has a total population of 25,000 people. The complex contains two 16 unit buildings and 56 surface parking spaces situated on 1.69 acres. Unit mix is comprised of one and two bedroom units averaging 800 square feet in size. Additional amenities include common laundry and storage units. The asset was 90% occupied at closing.
The sponsor, who was involved in a 1031 exchange, requested maximum leverage and an expeditious closing. ASC structured the loan with a 10 year fixed term that included one year of interest only. The loan featured a non-recourse, fully assumable structure on a 30 year amortization schedule. The loan was placed with correspondent agency lender.
The loan was 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 multifamily, 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. In 2018, ASC closed over 50 transaction across multiple states and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.