CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured a $4.36 million acquisition loan for a 54-unit multifamily complex in Countryside, IL.
Built in 1975, the three-building multifamily complex is located on historic Route 66 with proximity to the area’s major highways and Midway International Airport. The complex’s 54 units are composed of 30 one- and 24 two-bedroom apartments. The amenities include separately metered utilities, secure entry, 12 garage parking spaces and 78 surface parking spaces.
American Street Capital was exclusively engaged to arrange the high-leverage acquisition loan structured with a 3.25% rate, 5-year fixed term, and a step-down pre-payment penalty on a 30-year amortization schedule. The loan was placed with a correspondent bank lender.
The loan was originated by Igor Zhizhin, the President and Founder 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 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.