Chicago, IL – October 24, 2018 – American Street Capital (“ASC”) announced today that it has arranged a $1,840,000 million loan for a 29-unit multifamily property located in Chicago, IL.

Built in 1918 and renovated in 2017, the three-story courtyard building consisting of one, two, and three bedroom apartments is located in Chicago’s South Shore neighborhood.  The asset was 96% occupied at closing.

The loan was structured with a 20-yr term consisting of an initial 10-years fixed term followed by a 10-year floating period.  The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule.  The loan was placed with a correspondent agency lender.

The loan was originated by Alexander F. Rek, the Director of Operations of ASC.