CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged a $5.95 million cash-out refinance loan for a 56-unit multifamily complex in Augusta, GA.
The city of Augusta is located in northeast Georgia and is home to Augusta National Golf Club, the host of the PGA Tour Masters Tournament. Built in 1971, the seven building garden style apartment complex consists of 56 individually metered two bedroom units with an average size of 950 square feet. Additional amenities include 103 surface parking spaces, a common laundry facility, and an on-site leasing office. The asset was 98 percent occupied at closing.
ASC worked exclusively on behalf of their client to secure the high leverage cash-out refinance loan structured with a non-recourse, 10-year fixed term with one year of interest-only on a 30-year amortization. The loan was placed with a correspondent CMBS lender.
Edward Streit, a Senior Sales Associate of ASC, originated the loan. This is the second loan Mr. Streit has closed in Georgia 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. Further information is available at www.amstcap.com. In 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.