Chicago, IL – April 13, 2023 – American Street Capital (“ASC”) announced today that it has arranged a $3.18 million acquisition loan for a 32-unit multifamily located in Pembroke Park, FL.
Located in Pembroke Park, the 4-story multifamily building is approximately 18 miles north of the Miami central business district. Built in 1972, the 34 unit concrete block building consists of 24-one and 8-two bedroom apartments. Additional amenities include an elevator, security fencing, central air conditioning, a laundry room on each floor and 46 surface parking spaces.
The loan was structured with a 20-yr term consisting of 5-years of fixed and 15-years floating with two years of interest only payments. The loan featured a non-recourse, fully assumable structure on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
Igor Zhizhin, the President of ASC, originated the loan.
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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