CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured $1.39 million acquisition loan for a 38-unit multifamily complex located in Bedford, Oh.
Built in 1962, the multifamily complex consists of four, three story buildings offering a mix of one and two bedroom renovated apartments totaling 33,139 square feet. Additional amenities include 26 cover parking spots, 30 surface parking spaces and laundry facilities.
The client was an absentee owner with no history of owning assets in the Cleveland area that required a non-recourse loan with maximum leverage with a limited timeframe to close the transaction. ASC was able to meet the necessary deadline and source a 20-year term, non-recourse, 80% LTV solution that included 12 months of interest only payments, assumption capabilities, and a 30-year amortization. The loan was placed with a correspondent agency lender.
The loan was originated by Brock Appenzeller, an Associate at ASC.
About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multifamily, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail, office, owner-occupied properties, and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative, customized approach to sourcing commercial real estate debt that is unique among its competitors. Focusing primarily on the more challenging transactions in the small balance segment for loans up to $50MM, ASC has established a national reputation of offering best in class customer service and loan structures that historically were exclusively available to large balance institutional clients. Further information is available at www.amstcap.com. Follow American Street Capital on Twitter @AmericanStCap.