CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured a $5.3 million bridge loan for a 72 unit multifamily complex located in Oak Forest, IL.
Located approximately 24 miles from the Chicago central business district, the garden style complex is composed of two 36 unit buildings and 98 surface parking spaces situated on 2.1 acres. The 850 SF one bedroom and one bathroom units include condo quality finishes, individual HVAC and in unit laundry. Recent upgrades to the complex include new windows, electric, copper plumbing and completed basements.
Due to the seller’s timing constraints, the sponsor needed to secure a bridge loan shortly after the execution of the purchase contract. ASC utilized its correspondent relationships to secure a 12 month, non-recourse, interest only bridge loan with an agency lender.
The loan was originated by Igor Zhizhin, the President of 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.