CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged $12.59 million in permanent loans for the acquisition of two LIHTC multifamily communities located in Florida.
The first of the two deals include a $6,963,000 permanent loan for the acquisition of a 144-unit LIHTC community in Sebring, FL. Built in 2001, the property consists of 63 one-story duplexes and nine two-story duplexes that are rent restricted to at or below 60 percent of the area median income (AMI). On-site amenities include a clubhouse, swimming pool, laundry facility, on-site management office, fitness center, basketball courts, playground and 209 parking spaces.
The second is a $5,636,000 permanent loan for the acquisition of a 120 unit garden style LIHTC community located in Bowling Green, FL. Built in 2003, the property consists of nine buildings located on 10.32 acres and is rent restricted to or at 60 percent of area median income (AMI). On-site amenities include a playground, community center, laundry facilities, on-site management, fitness center, volleyball courts and 288 parking spaces.
The sponsors exclusively retained American Street Capital to secure the high leverage, non-recourse financing for the communities. ASC structured both loans with a 10-year term on a 30-year amortization schedule with three years of interest-only payments. The loans were placed with a correspondent agency lender.
The loans were originated by Kyle Tyrrell, a Vice President of ASC.