CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged a $8.02 million acquisition loan for a 108-unit multifamily portfolio in Kenosha, WI.
Located approximately 66 miles from the Chicago central business district, Kenosha is one of the southernmost cities in Wisconsin. In recent years, it has become a Midwest fulfillment and distribution hub for Amazon who occupies a 1.6 million square foot state-of-the-art facility in the city. Since the facility opened in 2017, Kenosha has experienced extensive economic growth.
Built in the early 1970s, the portfolio consists of townhouse and center entrance buildings with a unit mix of one-, two- and three-bedroom apartments. Both complexes’ amenities include separately metered mechanicals, abundant parking, laundry facilities and secured entry. Due to the scarcity of workforce housing in the area, both complexes were more than 95 percent occupied at closing.
American Street Capital was exclusively engaged to place the acquisition financing for the portfolio. The loan was structured with a non-recourse, 7-year fixed term with two years of interest-only payments on 30-year amortization schedule. The loan was placed with a correspondent agency lender.
Igor Zhizhin, the Founder and President of ASC, originated the loan.
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.