CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $1.3 million cash-out refinance loan for a 48-unit multi-family complex in Long Beach, Mississippi.
Located approximately 17 miles west of Biloxi, the seven building garden style multifamily complex was built in 1969 and was renovated by current ownership in 2018. The complex’s unit mix consists of one-and two-bedroom apartments with an average size of 900 square feet. Situated on 2.32 acres, additional amenities included a leasing office, laundry facilities and 69 surface parking spaces.
The sponsor, an experienced owner-operator, required a high leverage, long term loan with a substantial cash-out. Utilizing its agency correspondent relationships, American Street Capital arranged the high leverage, non-recourse, 12-year fixed term loan with five years of interest-only on a 30-year amortization schedule.
The loan was originated by Kyle Tyrrell, a Vice 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.