American Street Capital Secures $9.64 million for Multifamily Portfolio in Oak Forest, IL

17 September 2019

Chicago, IL – September 17, 2019 – American Street Capital (“ASC”) announced today that it has secured $9.64 million in permanent debt for a 149-unit scattered site multi-family portfolio in the Chicago suburb of Oak Forest, Illinois.

Located approximately 24 miles from the Chicago central business district, Oak Forest is a southern suburb with easy access to public transportation and interstate expressways. The portfolio is composed of three scattered, non-contiguous multifamily complexes totaling 149 units consisting of one-, two-, and three-bedroom apartments.  All three complexes provide additional amenities including adequate surface parking and common laundry facilities.

The sponsor, a seasoned owner and operator throughout Chicago, required a non-recourse, high-leverage loan with maximum proceeds and a flexible prepayment structure.  To ensure maximum proceeds and disposition flexibility, American Street Capital simultaneously structured three individual non-recourse loans with competitive spreads.  The loans were placed with a correspondent agency lender.

The loans were originated by Igor Zhizhin, the President of ASC.