Chicago, IL – December 5, 2023 – American Street Capital (“ASC”) announced today that it has arranged a $4,598,000 cash-out refinance loan for a multifamily complex located in Jonesboro, GA.
Constructed in 1972, the multifamily complex is located 20 miles south of the Atlanta CBD. The 6-building, 49-unit, townhouse style complex was recently upgraded with interior and exterior renovations. The complex features two-bedroom apartments and amenities including individually metered utilities, onsite management office, 96 surface parking spaces, and mature landscaping. The asset was 95% occupied at closing.
The sponsor group, a seasoned owner operator, requested an interim solution with maximum proceeds and interest only payments. American Street Capital facilitated the non-recourse 5-year fixed loan with two-years of interest only payments on a 30-year amortization. The loan was placed with a correspondent agency lender.
Igor Zhizhin, 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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