CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured a $6.6 million cash-out refinance loan for a 60-unit multifamily building in Naperville, IL.
Located approximately 33 miles from the Chicago central business district, Naperville is an affluent western suburb with a small concentration of apartment units. Built in 1986, the three story complex consists of 60 two bedroom and two bathroom apartments with an average unit size of 1,082 square feet. Additional amenities include 127 parking spaces and common laundry facilities. The asset was 100 percent occupied at closing.
The sponsor group, a long-standing client of American Street Capital, requested a high leverage cash-out refinance in order to facilitate a partner buyout. Due to the COVID-19 principal and interest reserves required by the government agencies, ASC redirected the loan from an agency to a CMBS lender. During the ongoing COVID-19 pandemic, ASC was able to secure the non-recourse 10-year fixed loan on a 30-year amortization without any additional reserves or hold backs.
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.