CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.23 million in financing for a 6-unit multifamily property located in Burbank, CA. The transaction closed in April, 2017.
ASC exclusively represented the sponsor to secure the cash-out refinance loan for the multi-family property built in 1987 consisting of 6 residential units with a unit mix of 1 and 2 bedroom apartments. Additional amenities include indoor and outdoor parking as well as in-unit washer and dryers.
ASC successfully met the request with a competitive 20-year term consisting of 5-years fixed and 15-years floating. The loan featured a non-recourse, fully assumable structure with 1-yr of interest only that converts to a 30-year amortization schedule with a correspondent agency lender.
The loan was originated by Igor Zhizhin, the President of ASC.
American Street Capital, LLC (“ASC”) is a national commercial real estate finance advisory firm with extensive correspondent lending relationships. ASC specializes 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 from $750,000 to $50,000,000.