Chicago, IL – October 13, 2021 – American Street Capital (“ASC”) announced today that it has arranged $8MM bridge loan for a 37-unit mixed-use building in Chicago, IL.
The Logan Square neighborhood is located on the northwest side of Chicago with proximity to mass transit and downtown. Built in 1902, the subject property is directly adjacent to the California blue line station and contains frontage on two major thoroughfares due to its unique pie shape. The mixed-use asset contains 27 residential units in addition to 10 retail units that are occupied by an array of local and regional tenants. The sponsor group plans to perform minor cosmetic improvements to the units as they turn.
American Street Capital was exclusively engaged by the sponsor group to source the high leverage acquisition bridge loan. Utilizing its wide array of correspondent lender relationships, ASC arranged the non-recourse, 3-year floating term loan with interest-only payments. The loan was placed on the balance sheet of a correspondent agency lender.
The loan was originated by Igor Zhizhin, the President and Founder 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 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.
Contacts
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601
312-224-1391
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