Chicago, IL – April 25, 2019 – American Street Capital (“ASC”) announced today that it has arranged a $2.85 million refinance for a 109-unit multifamily complex located in Lorain, OH.
Built in 1972 and renovated in 2018, the multifamily complex consists of seven two-story buildings situated on 4.9 acres. Unit mix is broken down into 67 two-bedroom and 42 one-bedroom units with an average unit size of 672 square feet. Additional amenities include an onsite leasing office, laundry facilities, external storage units, and 92 surface parking spaces.
The complex was originally acquired through two transactions in order to assemble the seven contiguous buildings. ASC worked on behalf of the sponsor to structure the 5-year fixed non-recourse loan on a 30-year amortization schedule with a correspondent CMBS lender.
The loan was originated by Igor Zhizhin, the President of ASC.