CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $5.50 million in financing for a 24-unit apartment property in the Old Town community of Chicago, IL. The transaction closed in August, 2015.
Working on behalf of its client Quest Realty Group, ASC placed a 25-year fixed loan with a correspondent lender. A cash-out refinance, the loan proceeds were used to payoff the original construction loan and to acquire a parcel for future development. ASC was able to successfully meet the client’s requirements of a fully amortizing, non-recourse, and assumable loan structure.
A three-year old property located in the historic and affluent neighborhood of Old Town, it is less than a mile from Lincoln Park, less than a mile from Lake Michigan’s North Avenue Beach, less than a mile from the New City mixed-use development with over 360,000 of new retail space, and 2 miles north of downtown Chicago. The building features one- and two-bedroom floor plans and amenities such as hardwood flooring, Italian cabinetry, Bosch appliances, porcelain baths with Jacuzzi tubs, private terraces, and indoor assigned parking.
The loan was originated by Igor Zhizhin, the President, of ASC.
About Quest Realty Group: Quest Realty Group is a leading Chicago boutique property development and management company. Specializing in the development of mixed use condominium communities and rental properties in the most desirable neighborhoods of Chicago, they have successfully sold over $250 million dollars of real estate in their illustrious 13 year history.
About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multi-family, 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 $30MM, 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. Follow American Street Capital on Twitter @AmericanStCap