CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged a $3.2 million cash-out refinance loan for a 33-unit multifamily building in Baltimore, MD.
Located approximately 5 miles west of the Baltimore central business district, the Forest Park neighborhood is primarily residential with proximity to Lake Ashburton. Built in 1940, the three-story multifamily building consists of 33-units with a unit mix of studio, one-, two-, and three-bedroom apartments. The complex was over 97 percent occupied at closing.
ASC was exclusively engaged to arrange the cash-out refinance loan for the asset. The loan structure consisted of a non-recourse, 10-year fixed term with 3-years 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, Connect Commercial Real Estate and Commercial Property Executive.