CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $2.4 million cash-out refinance loan for a 24-unit multifamily building located in Boynton Beach, FL.
Built in 1967, the two-story California style walkup multifamily building is located in the Ocean Ridge neighborhood within close proximity to the Atlantic Ocean. The buildings unit mix consists of 20 1-bedroom and four 2-bedroom units. Additional amenities include private screened balconies, 36 surface parking spaces, storage lockers and an onsite laundry facility. The building was 100 percent occupied at closing.
The sponsors requested a substantial cash-out and were looking to capitalize on historically low interest rates. Utilizing its correspondent agency relationships, American Street Capital arranged the non-recourse 20-year loan term consisting of 5 years fixed and 15 years floating with one year of interest-only payments.
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.