CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged a $2.94 million acquisition loan for a 120-unit multifamily community in Gulfport, Mississippi.
Ideally located within close proximity to the region’s largest employers and the beach, the two-story townhouse style complex was built in 1970 and renovated in 2015. The amenity rich complex includes ample surface parking, saltwater swimming pool, laundry building, playground, and leasing office situated on 8.6 acres. The assets unit mix includes 10 one-, and 110 two-bedroom apartments with recent upgrades to the kitchens and bathrooms.
Due to the Covid-19 pandemic, the sponsor group was allowed additional time to identify and close the transaction using a 1031 exchange. The group required a long term loan with an expeditious closing to meet the 1031 deadline. American Street Capital arranged the non-recourse, 12-year fixed term on a 30-year amortization schedule with a declining pre-payment penalty. The loan was placed with a correspondent agency lender.
The loan was originated by Kyle Tyrrell, a Vice President of ASC. This is the second transaction that Mr. Tyrrell has closed in Mississippi this year.
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.