CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured $3.19 million in cash-out loans for a three building, 93-unit multifamily portfolio located in the Avalon Park and Park Manor neighborhoods of Chicago, IL.
The sponsor contacted American Street Capital due to an inability to secure a cash out loan from his multi-family properties with his existing commercial bank relationships. He was looking for a 30-year amortization, maximum proceeds, and long-term fixed loan structures.
Through its established agency relationships, ASC was able to negotiate three separate 10-year fixed loans that exceeded the cash out expectations, included a 30-year amortization structure, and included the added benefit of being non-recourse and assumable.
The loans were originated by Igor Zhizhin, the President of ASC.
ASC was established in 2009 as a result of the unmet demand for a seasoned intermediary to source competitive debt during the challenging transition in the commercial lending environment. Our primary value is the ability to deliver non-recourse, long-term fixed terms, institutional pricing, and assumable structures for smaller financing requests historically only available to large operators with loans above $10MM dollars. With a seasoned staff having over 40 years of commercial lending experience, ASC successfully established itself as a leading small balance commercial mortgage firm having eclipsed 100 transactions and $150MM in funding in its first five years.