Chicago, IL – May 17, 2019 – American Street Capital (“ASC”) announced today that it has arranged a $30.4 million loan for a 111-unit multifamily high rise located in Brookline, MA.
Built in 1965, the 15-story multifamily tower contains a total of 111 units with a unit mix of one- and two-bedroom apartments averaging 1,014 square feet. Located immediately west of Boston, in the affluent Brookline area, the property’s amenities include a 92 space subterranean parking garage, rooftop pool with pavilion, laundry facilities and a tenant lounge.
ASC exclusively represented the sponsor to secure the fixed rate refinance transitioning the asset out of the floating rate loan ASC originated in 2016. The loan structure featured a non-recourse 15-year fixed term with an initial eight years of interest only on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
The loan was co-originated by Igor Zhizhin, the President of ASC and Alexander F. Rek, the Director of Operations.