CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.8 million in permanent financing for a 20-unit multifamily property located in Maywood, IL. The transaction closed in November, 2017.
The building was built in 1928 and underwent a complete renovation to modernize the units. The building’s amenities include in-unit mechanicals, wood plank flooring, stainless steel appliances, built-in closets, and 22 parking spots located in an adjacent parcel. The buildings unit mix is made up of 1 and 2 bedrooms units. The building was 100% occupied at the time of closing.
After stabilization the sponsor requested a long term debt solution with a sizeable cash-out in excess of the cost basis. ASC secured the requested proceeds with a competitive 20-year term consisting of an initial 10-years fixed term followed by a 10-years floating period. The loan featured a non-recourse, fully assumable structure with 3-yr of interest only that converts to a 30-year amortization schedule with a correspondent agency lender.
The loan was originated by Alexander F. Rek, the Director of Operations 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.