CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured $1.7 million acquisition loan for a 18-unit multifamily building in Aurora, Co.
Located 9.5 miles east of downtown Denver along I70, Aurora is Colorado’s third largest city. Built in 1969, the 18-unit walk-up multifamily building contains a unit mix of 11 one- and 7 two-bedroom units. Recent improvement include a new roof, sewer line and plumbing. Additionally, the sponsor plans to modernize the kitchens and bathrooms to obtain increased rents. The asset was 94 percent occupied at closing.
American Street Capital was exclusively engaged by the sponsor group to source the high leverage acquisition loan for the multifamily building. Utilizing its wide array of correspondent lender relationships, ASC arranged the non-recourse, 7-year fixed term loan with 2-years of interest-only payments. The loan was placed with a correspondent agency 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.