CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $2.46 million permanent acquisition loan for a 56 unit multifamily complex located in Worth, IL.
Located approximately 25 miles from the Chicago central business district, the California style multifamily complex is composed of two buildings totaling 56 units. Built in 1967, the complex is situated on 1.3 acres and consists of one- and two-bedroom apartments. Additional amenities include 102 surface parking spaces, storage units, and common laundry. The asset was 95 percent occupied at closing.
Deshe Real Estate, a seasoned owner operator, requested a high leverage acquisition loan with a flexible pre-payment penalty. American Street Capital arranged the 20-year loan term consisting of 5-years fixed and 15-years floating with an accelerated step-down pre-payment penalty. The loan was placed with a correspondent agency lender.
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.