Chicago, IL – March 22, 2023 – American Street Capital (“ASC”) announced today that it has secured a $2,380,000 cash-out refinance loan for a 42-unit mixed-use building located in Chicago, IL.
Built in 1897 and recently renovated, the mixed-use building is located at a prominent intersection of Chicago’s Albany Park neighborhood. The property’s 42 units contain 5 retail spaces, 7 studios, 27 one-, and three 2-bedroom apartments. The property includes secured entry, coin laundry, and updated kitchens and bathrooms.
The experienced owner-operator requested a competitive 5-year rate that also provided a small amount of cash-out proceeds. ASC was exclusively engaged and arranged the 5-year fixed term loan on a 30-year amortization schedule. The loan was placed with a correspondent bank lender.
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 2022, ASC was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, and Connect Commercial Real Estate.
Contacts
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601
312-224-1391
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