CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $1,875,000 cash-out refinance loan for a multifamily building located in Evanston, IL.
Built in 1960, the two story California style multifamily building is located 12 miles North of Chicago in the affluent suburb of Evanston. Evanston is home to Northwestern University and two major NorthShore hospitals. The apartment building consists of 24 one-bedroom, one-bathroom apartments. The asset was 100 percent occupied at closing.
The sponsor exclusively engaged ASC to source the cash-out refinance. The loan was placed with a correspondent commercial bank and was structured with a 5-year fixed rate on a 30-year amortizations schedule with a step-down pre-payment penalty.
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.