CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $2.21 million cash-out refinance loan for a 11-unit multifamily building located in North Hollywood, CA.
Completed in 2020, the three-story multifamily building is located in the thriving NoHo arts district of Los Angeles. The individually metered units consist of large open floor plans with balconies, high-end finishes and in-unit washer dryers. Additional amenities include a parking garage, elevator, car wash bay, and 24-hour secure gated access. The asset was 100 percent occupied at closing.
The sponsor, a seasoned local owner operator, was looking for a substantial cash-out as he originally acquired the building in cash due to timing constraints. American Street Capital exclusively represented the sponsor in securing the non-recourse 10-year fixed loan with interest-only payments. The loan was placed with a correspondent agency lender.
The loan was originated by Kyle Tyrrell, a Vice 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.