CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $5.55 million cash-out refinance loan for a 111-unit multifamily complex located in Omaha, NE.
Built in 1968 and located in central Omaha, the complex’s unit mix includes studio, one-, two-, and three-bedroom residences, with updated interiors and private patios or balconies. Amenities at the complex included a swimming pool, onsite laundry facilities, 94 surface parking spaces, and 74 one-car garages. Market rents range from approximately $610 for one-bedroom, $900 for three-bedroom apartments. The asset was 99 percent occupied at closing.
American Street Capital exclusively represented the sponsors to arrange the cash out refinance for the stabilized asset. In order to avoid Agency COVID-19 reserves, ASC utilized its CMBS correspondent relationships to secure the maximum leverage 10-year fixed rate loan with three years of interest-only on a 30 year amortization schedule. The new 10-year loan will retire the existing HUD debt on the complex.
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.