CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured $3,780,000 in permanent debt for a mixed-use portfolio located in Glen Ellyn, IL.
The portfolio consists of two contiguous mixed-use buildings located in downtown Glen Ellyn, IL which is 26 miles west of the Chicago central business district. Built in 1927 & 1973, the buildings were acquired in 2019 and renovated shortly after. The unit mix is made up of two retail units consisting of 6,550 square feet, 28 one-, and 4 two-bedroom apartments.
The sponsor requested a fixed-rate solution to exit a floating-rate loan. American Street Capital facilitated the non-recourse 5-year fixed loan with two years of interest-only payments on a 30-year amortization. The loan was placed with a correspondent agency lender.
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.