American Street Capital Arranges $1.8 Million in Financing for Multifamily Community in Maywood

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.

TRENDING

Bell Partners Continues West Coast Expansion with Acquisition of 202-Unit Aura Totem Lake Apartment Community in Seattle Suburb SEATTLE, WA - Bell Partners Inc., one of the nation's leading apartment investment and management companies, has acquired Aura Totem Lake, a 202-unit apartment community located in the Seattle suburb of Kirkland. The property, the first acquisition made on behalf of the recently announced Bell Core...

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.