CHICAGO, IL – American Street Capital (“ASC”) announced today that it has arranged a $5.72 million acquisition loan for a 105-unit multifamily complex in Sebring, FL.
Built in 1979 and renovated in 2019, the multifamily community consists of 20 buildings spread over 11.03 acres. The community’s unit mix comprises 28 two-bedroom and 77 one-bedroom units. Additional amenities include a clubhouse, laundry facilities, leasing office and on-site management. Recent upgrades include new metal roofs, parking surfaces, landscaping, irrigation and a perimeter fence.
ASC worked exclusively on behalf of their client to secure the high leverage acquisition loan structured with a non-recourse, 10-year fixed term with a 30-year amortization. The loan was placed with a correspondent agency lender.
Kyle Tyrrell, a Vice 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. 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.