Chicago, IL – November 13, 2019 – American Street Capital (“ASC”) announced today that it has arranged a $5.56 million permanent loan for a 62-unit multifamily complex located in Palatine, IL.
Built in 1968 and renovated in 2016, the garden style complex is composed of four buildings containing 62 units. Unit mix includes 30 two-bedroom and 32 one-bedrooms units with an average unit size of 684 square feet. Additional amenities include nine garage parking spots, 69 parking spots, and a playground located on 2.97 acres.
The sponsor, a seasoned owner operator, required maximum leverage and a non-recourse structure. Utilizing its correspondent agency relationships, American Street Capital secured the seven-year fixed term with two years of interest only on a 30-year amortization schedule.
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 mortgage banking 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. Further information is available at www.amstcap.com. In 2018, ASC closed over 50 transaction across multiple states and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
Contacts
American Street Capital
312-224-1391
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