CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged a total of $2.58 million for a two building, 52-unit multifamily portfolio located in Chicago, IL.
The sponsor, a seasoned owner and operator, was able to leverage his existing equity position in-order to acquire a second property without providing new equity. The portfolio of buildings is located in the South Shore neighborhood of Chicago and contains a mix of market and subsidized rents.
In order to meet the closing deadline for the purchase of the second asset, ASC successfully closed on both transactions simultaneously. The loans were structured with 20-year terms consisting of an initial 10-year fixed term followed by a 10-year floating period. The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule with a correspondent agency lender.
The loan was originated by Alexander F. Rek, the Director of Operations of ASC.
Hamilton Zanze Completes Nevada Acquisition of 272-Unit Village of The Pines Garden-Style Apartment Community in Hot Reno Market
Thompson Thrift Hosts Ribbon Cutting for 212-Unit The Levi Luxury Multifamily Community in Suburban Atlanta Market of Stockbridge
Gray Capital Completes Acquisition of 292-Unit Flats at Stones Crossing Apartment Community in Indianapolis Submarket of Greenwood
Sherman Residential Returns to Charlotte Market with Acquisition of 348-Unit Axis at The Park Apartments in Dynamic Suburban Location
The latest multifamily industry news delivered to your inbox
RENO, NV - Hamilton Zanze, a leading San Francisco-based multifamily real estate investment firm,...
ATLANTA, GA - Thompson Thrift, a full-service nationally recognized real estate company and one of...
INDIANAPOLIS, IN - Gray Capital, a multifamily investment firm headquartered in Indianapolis,...
CHARLOTTE, NC - Sherman Residential acquired Elan Research Park, a Class A multifamily property in...
SCOTTSDALE, AZ - Goodman Real Estate (GRE), a leading Seattle-based real estate investment firm,...
CLEVELAND, OH - The NRP Group, a vertically integrated, best-in-class developer, builder and...
SCOTTSDALE, AZ - Elevest Capital, a privately held real estate investment firm specializing in...
CHEVY CHASE, MD – FCP has made its first investment in the Las Vegas, NV market with the...
The latest multifamily industry news delivered to your inbox.