CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $7.06 million permanent loan for a 45-unit multifamily building in Chicago’s Logan Square.
Located on a prominent boulevard in Logan Square, the courtyard style multifamily building was originally built in 1928 and recently gut renovated and modernized. The unit mix is composed of one-, two- and three-bedroom apartments with hardwood floors, condo-quality kitchens and sun rooms. Additional amenities comprise a large bike storage room, Wi-Fi, and smartphone controlled common laundry. The subject property is located 0.5 miles from the California mass transit station.
Due to the seller’s timing constraints, the sponsor needed to secure a bridge loan shortly after the execution of the purchase contract. ASC utilized its correspondent agency relationships to secure a 12 month, non-recourse, interest only bridge loan which was later converted to a 10-year fixed loan on a 30 year amortization schedule.
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 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. Further information is available at www.amstcap.com