CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.45 million in financing for two contiguous multifamily properties located in Arlington Heights, IL. The transaction closed in May, 2017.
The sponsor owned one of the subject properties and was able to leverage his existing equity position in-order to acquire the adjacent property without providing new equity.
The subject properties were both built in 1973 and contain a total of 23 units that includes one bedroom, two bedroom, and three bedrooms. Additional amenities include 33 parking outdoor parking spaces, common laundry rooms, and individual storage units.
ASC structured the cross collateralization with a competitive 20-year term consisting of an initial 10-year fixed period. The loan featured a non-recourse, fully assumable structure with 1-year 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.