CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secures a $3.26 million acquisition loan for a 56-unit multifamily complex in Kenosha, WI.
Located approximately 66 miles from the Chicago central business district, Kenosha is one of the southern most cities in Wisconsin. In recent years, it has become a Midwest fulfillment and distribution hub for Amazon who occupies a 1.6 million square foot state-of-the-art facility in the city. Since the facility opened in 2017, Kenosha has experienced extensive economic growth.
Built in 1976, the seven building multifamily complex located on 2.7 acres and consists of 56 two-bedroom units. The buildings amenities include ample parking and laundry facilities in each building. The complex was over 95 percent occupied at closing.
ASC was exclusively engaged to arrange the acquisition financing for the asset. The loan structure consisted of a non-recourse, 20-year term with 5-years fixed and 1-year of interest-only payments. The loan was placed with a correspondent agency lender. Igor Zhizhin, the Founder and 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 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, and Connect Commercial Real Estate.