CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured a $2.45 million cash-out refinance loan for a 52-unit multi-family building in Chicago, IL.
The sponsor, a seasoned owner and operator throughout Chicago, requested a significant cash-out with flexible pre-payment with less than 6 months of stabilization in the transitional South Shore neighborhood during the very challenging lending environment due to COVID-19. To ensure the maximum proceeds and flexibility, ASC structured an initial cash out with the ability for additional proceeds to be released once COVID-19 restrictions are lifted. The loan included a highly competitive fixed five-year rate, 30-year amortization, limited closing costs, with only 4 years of pre-payment penalty.
Located in Chicago’s South Shore neighborhood, the five-story multi-family building was built in 1970 and underwent a complete gut renovation in 2018. The renovations included building exterior, common areas, mechanicals, kitchens and bathrooms as well as the addition of a penthouse resident lounge. The unit mix is composed of studio, one- and two-bedroom apartments with an average unit size of 656 square feet. Additional amenities included 38 surface parking spaces, common laundry, storage, key card entry and complimentary WIFI and cable for its market and subsidy tenants. The asset was 97 percent occupied at closing.
The loan was originated by Igor Zhizhin, the Founder and 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. In 2019, ASC celebrated its 10th anniversary and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.