CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged $2.32 million in permanent debt for a 71-unit multi-family building located in Cleveland, OH.
Built in 1963, the two-story three building complex is situated on 0.75 acres in the Tremont area directly south of downtown Cleveland. The apartment complex consists of three buildings totaling 71 units with a unit mix consisting of one- and two-bedroom apartments. Additional amenities include 50 surface parking spaces and common laundry. The asset was 96 percent occupied at closing.
The sponsor required a long-term solution with maximum loan proceeds. Utilizing its agency correspondent relationships, American Street Capital arranged a 20-year loan term consisting of 10 years fixed and 10 years floating on a 30 year amortization schedule.
The loan was originated by Igor Zhizhin, the President of ASC.
American Street Capital (“ASC”) is a Chicago-based national commercial mortgage banking 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.