CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged a $3,938,000 cash-out refinance loan for a 32-unit multifamily building in Chicago’s Logan Square.
Built in 1926 and located in the heart of Logan Square, the building is within walking distance of the neighborhoods shopping, dining, and entertainment. The three-story multifamily building is composed of 6 studios, 24 one-, and 2 two-bedroom apartments, with an average size of 600 square feet. Additional amenities include secure entry, bike storage and common laundry. The asset was 100 percent occupied at closing.
The sponsor, a seasoned owner operator, requested a long term fixed loan to support his investment horizon. American Street Capital arranged the non-recourse, 20-year loan term consisting of 10-years fixed and 10-years floating on a 30-year amortization schedule. 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 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.