Chicago, IL – February 5, 2020 – American Street Capital (“ASC”) announced today that it has secured a $10.92 million bridge loan for a 144-unit multifamily complex in Alsip, IL.
Located approximately 24 miles from the Chicago central business district, Alsip is a southwest suburb with easy access to public transportation and interstate expressways. Built in 1974, the twelve-building complex is situated on 5.87 acres and consists of 72 one bedroom and 72 two bedroom apartments. Amenities included 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 95 percent occupied at closing.
Deshe Real Estate, a seasoned owner operator, requested a high leverage bridge loan to implement its value-add strategy and capitalize on below-market rents. American Street Capital was able to source a non-recourse, interest-only, institutional bridge loan with a three-year term at 90 percent loan-to-cost. The loan was placed with correspondent balance sheet lender.
The loan was originated by Igor Zhizhin, the President of ASC.
Deshe Real Estate is a privately held real estate investment company focusing primarily on repositioning value-add multi-family complexes throughout the Midwest
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 its 10th anniversary 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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