Chicago, IL – May 3, 2022 – American Street Capital (“ASC”) announced today that it has secured a $16.5 million value-add bridge loan for the 238-unit apartment community located in Atlanta, GA.
The 1955-built, 184,592 square foot garden-style property was acquired vacant and not habitable by the sponsor. The community will undergo extensive exterior and interior renovations to provide one the most desirable workforce housing properties in the west side of the Atlanta MSA. The property currently contains, one-, two-, and three- bedrooms units with planned interior improvements including new HVAC, plumbing, kitchens, bathrooms, and flooring. Exterior improvements include resurfacing parking lots, poured curbs, siding, water lines, gated entrance, and security. Planned amenities include a playground, leasing office, balconies, and outdoor grilling areas.
“We are happy to continue to execute on behalf of our national clients and provide best in class leverage and terms for the most unique and challenging scenarios,” said Mr. Zhizhin.
Still vacant at the loan closing, the interim, interest-only bridge loan provides a sizeable initial cash out with 100% of the future funded capital expenditure for all the planned renovations available during the two year loan term with two six-month extension options. The high leverage, non-recourse loan was structured with an 18-month interest reserve without any additional equity contribution required of the sponsor to complete the project.
The bridge 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 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
Contacts
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601
312-224-1391
