American Street Capital Secures $3.19 Million for Multifamily Portfolio in Chicago, Illinois

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.

TRENDING

JLL Arranges $50 Million in Financing for Mixed-Use Project in Southern California Community HOUSTON, TX - JLL announced today that it has arranged $50 million in financing for Pierside, a two-building, mixed-use property with 176 residential units and approximately 17,000 square feet of retail space in the coastal Southern California community of Oceanside. JLL worked on behalf of the...

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.