Chicago, IL – October 12, 2023 – American Street Capital (“ASC”) announced today that it has secured a $2,060,000 acquisition loan for a 37-unit multifamily located in Kankakee, IL.
Kankakee is a city located approximately 60 miles south of Chicago along the Kankakee River. It offers a diverse base of employment including manufacturing, healthcare, and agriculture. Built in 1979, the four-story center entry multifamily building consists of 37 apartments with a unit mix of 20 one- and 17 two-bedroom units. The property’s additional amenities include 37 surface parking spaces, common laundry, and secure entry. The building was over 95% occupied at closing.
The sponsor group required a fixed term with maximum proceeds. American Street Capital structured the non-recourse, assumable loan which included a 10-year fixed term on a 30-year amortization with maximum leverage. The loan was placed with a correspondent agency lender.
Alexander F. Rek, a Principal 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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