Chicago, IL – May 17, 2022 – American Street Capital (“ASC”) announced today that it has arranged a $3.88 million cash-out refinance for a 57-unit multifamily portfolio located in Chicago, IL.
The sponsor, a seasoned owner operator, wanted to take advantage of historically low interest rates and secure long-term debt to support his investment strategy. The two-building multifamily portfolio located in the South Shore neighborhood of Chicago is comprised of both one- and two-bedroom apartments. The buildings cater to a mix of both market and subsidized tenants providing workforce housing in the area.
The refinances were structured with a 20-yr term consisting of an initial 10-years fixed term followed by a 10-year floating period. The loans featured a non-recourse, fully assumable structure on a 30-year amortization schedule. The loans were placed with a correspondent agency lender.
Alexander F. Rek, a Principal of ASC, originated the loans.
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