Chicago, IL – January 9, 2020 – American Street Capital (“ASC”) announced today that it has secured a $7.06 million permanent loan for a 45-unit multifamily building in Chicago’s Logan Square.
Located on a prominent boulevard in Logan Square, the courtyard style multifamily building was originally built in 1928 and recently gut renovated and modernized. The unit mix is composed of one-, two- and three-bedroom apartments with hardwood floors, condo-quality kitchens and sun rooms. Additional amenities comprise a large bike storage room, Wi-Fi, and smartphone controlled common laundry. The subject property is located 0.5 miles from the California mass transit station.
Due to the seller’s timing constraints, the sponsor needed to secure a bridge loan shortly after the execution of the purchase contract. ASC utilized its correspondent agency relationships to secure a 12 month, non-recourse, interest only bridge loan which was later converted to a 10-year fixed loan 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 2019, ASC celebrated it’s 10th anniversary and was named a Top Financial Intermediary by Midwest Real Estate Magazine and National Real Estate Investor Magazine.
American Street Capital