CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured a $10.24 million acquisition loan for a multifamily community located in Burbank, IL.
Built in 1983, the multifamily community consists of 27 simplex style buildings containing 173 units on 6.31 acres. The unit mix comprises of 87 one-bedroom and 86 two-bedroom units with an average size of 952 square feet. Additional amenities included on-site management, 300 parking spaces, in-unit mechanicals, and in-unit laundry. Burbank is a southwestern suburb of Chicago and is approximately 15 miles from the central business district. This is the first time the property has traded since it was built.
Deshe Real Estate exclusively retained American Street Capital to source the high leverage acquisition loan for the community. ASC secured the partial recourse 7-year fixed term on a 30 year amortizations schedule with one year of interest-only payments. The loan was placed with correspondent bank.
The loan was originated by Igor Zhizhin, the 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.