CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged a $1,600,000 cash-out refinance loan for a multifamily property located in Los Angeles, CA.
Built in 1925, the 16-unit multifamily building is located in the Hollywood area of Los Angeles. All the units are large studios still with their original character including original hardwood floors, built-ins, stained glass windows, carved etchings, and ornate wrought iron. The utilities are individually metered and the building contains a laundry room.
The sponsor, a local owner operator, requested a cash-out bridge loan as he had previously purchased the property in cash due to timing constraints. In addition, the property is in the process of being renovated and leased-up. ASC, utilizing its extensive lending relationships, placed the loan with a correspondent debt fund. The loan featured a 12-month interest-only term.
Igor Zhizhin, a Principal 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 2022, ASC was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, and Connect Commercial Real Estate.