CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured a $4.95 million permanent acquisition loan for a 85-unit multifamily building located in Chicago’s Marquette Park Neighborhood.
Encompassing an entire block of Marquette Ave, the three-story courtyard style multifamily building was constructed in 1928 and renovated in 2019. It is located on Chicago’s southwest side in close proximity to public transportation and Chicago’s Midway airport. The building’s unit mix consists of 74 one bedroom and 11 two bedroom apartments with a combination of market and subsidy tenants. The asset was 92 percent occupied at closing.
The seasoned local owner operator requested a maximum leverage acquisition loan in a challenging neighborhood during the ongoing COVID-19 pandemic. Utilizing its correspondent agency relationships, American Street Capital was able to secure a high leverage 20-year term consisting of 5-years fixed and 15-years floating with one year of interest-only.
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.