CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $4,275,000 acquisition bridge loan for a 180-unit multifamily portfolio in Wichita, KS.
Built in 1941 and recently renovated, the 50-building multifamily complex contains 180 units with a unit mix consisting of studios and one- and two-bedroom apartments. The community is situated on 10.5 acres with additional amenities including onsite management office, laundry facilities, as well as ample parking and green space. The asset was 88 percent occupied at closing.
American Street Capital was exclusively engaged to source the high-leverage acquisition bridge loan for the community in Wichita. ASC structured the bridge loan with a 12 month term consisting of interest-only payments. The loan was placed with a correspondent debt fund.
Kyle Tyrrell, a First 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 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.