Chicago, IL – June 12, 2023 – American Street Capital (“ASC”) announced today that it has secured a $3,895,000 cash-out refinance loan for a 160-unit multifamily complex located in Mahomet, IL.
Mahomet is located in central Illinois approximately 142 miles from Chicago. The 10.9-acre multi-family complex was built in 1972 and recently renovated. The eight residential buildings include a mix of 1-, 2-, and 3-bedroom apartments. Additional amenities include a clubhouse consisting of a leasing office and laundry facilities as well as 168 surface parking spots. The asset was over 95 percent occupied at closing.
The sponsor, a legacy client, requested a long-term fixed loan to meet his investment horizon. American Street Capital structured the non-recourse, assumable loan which included a 10-year fixed term with 5-years of interest-only payments. 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.
