Chicago, IL – August 30, 2021 – American Street Capital (“ASC”) announced today that it has arranged a $17.27 million value-add bridge loan for the 200-unit Flint River Apartments community located in Jonesboro, GA.

Situated 15 miles south of the Atlanta central business district, Jonesboro is a southern suburb with a growing workforce housing market in the Atlanta MSA. The property is a 1971 construction, townhouse-style standard amenity community which encompasses 17 buildings on 13 acres with a mix of one-, two-, and three-bedroom apartments.  Operated by an out of market owner, the property had started to experience extensive deferred maintenance, occupancy issues, and had one of the buildings lost in a fire. They were willing to accept a competitive off-market offer conditional on a very short closing timeframe.  A repeat, well established sponsor required a high leverage, non-recourse acquisition and rehab bridge loan with an assured execution within 45 days of going under contract to meet the seller’s timeline and preserve the non-refundable deposit. ASC successfully sourced the high-leverage, non-recourse bridge loan that was competitively priced, included a three year interest only term and supported the sponsor’s entire capital improvements plan including rebuilding the burned down building.

The loan structure reinforced the sponsor’s business plan to provide extensive upgrades to the common areas and in-unit amenities to establish Flint River Apartments as the preferred living destination in that community. Planned improvements include an upgraded leasing office, market competitive fitness center, and a higher end amenity package for all residential units.  Current amenities include a putting green, swimming pool, playground, leasing office, laundry facilities, and 353 surface parking spaces.  The asset was 85 percent occupied at closing. The loan was successfully placed with Thorofare Capital, a correspondent debt fund lender.  Thorofare Capital, Inc., is an affiliate of alternative investment manager Thorofare LLC,  is a national, vertical-integrated commercial real estate debt fund manager.

The bridge loan was originated by Igor Zhizhin, the President and Founder 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 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.

Contacts
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601
312-224-1391
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Chicago, IL – July 8, 2021 – American Street Capital (“ASC”) announced today that it has secured a $8.17 million cash-out refinance loan for a 45-unit multifamily building in Chicago, IL.

Located on a prominent boulevard in Logan Square, the courtyard style multifamily building was originally built in 1928 and recently gut renovated and modernized.  The unit mix is composed of one-, two- and three-bedroom apartments with hardwood floors, condo-quality kitchens and sunrooms.  Additional amenities include a large bike storage room, Wi-Fi, and smartphone-controlled common laundry.  The subject property is located 0.5 miles from the California mass transit station.

American Street Capital exclusively represented the sponsor to secure the high leverage cash-out refinance loan.  ASC utilized its correspondent agency relationships to secure a 5-year fixed, non-recourse loan on a 30 year amortization schedule.  Prior to this transaction, ASC placed the acquisition bridge loan and original permanent debt for the asset.

The loan was originated by Igor Zhizhin, the President and Founder 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 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.

Contacts
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601
312-224-1391
This email address is being protected from spambots. You need JavaScript enabled to view it.

Chicago, IL – June 16, 2021 – American Street Capital (“ASC”) announced today that it has arranged a $4.84 million acquisition loan for a 100-unit affordable multifamily community in Greenville, NC.

Located approximately 88 miles west of Raleigh, Greenville is home to East Carolina University and Vidant Medical Center which is the fifth largest hospital in North Carolina.  Built in 1981 and renovated in 2018, the 19-building garden style community is set on 10.38 acres.  The unit mix consists of 20 one-bedroom and 80 two-bedroom units with an average size of 791 square feet.  The community’s amenities include a swimming pool, tennis court, laundry facility, and 170 surface parking spaces.  Through an existing HAP contract, 20 units are affordable, and income restricted.

ASC worked exclusively on behalf of the sponsor to secure the high leverage acquisition loan structured with a non-recourse, 12-year fixed term with three years of interest-only on a 30-year amortization.  The loan was placed with a correspondent Agency lender.

Kyle Tyrrell, a Vice President of ASC, originated the loan.

Chicago, IL – May 18, 2021 – American Street Capital (“ASC”) announced today that it has arranged a $5.72 million acquisition loan for a 105-unit multifamily complex in Sebring, FL.

Built in 1979 and renovated in 2019, the multifamily community consists of 20 buildings spread over 11.03 acres.  The community’s unit mix comprises 28 two-bedroom and 77 one-bedroom units.  Additional amenities include a clubhouse, laundry facilities, leasing office and on-site management.  Recent upgrades include new metal roofs, parking surfaces, landscaping, irrigation and a perimeter fence.

ASC worked exclusively on behalf of their client to secure the high leverage acquisition loan structured with a non-recourse, 10-year fixed term with a 30-year amortization.  The loan was placed with a correspondent agency lender.

Kyle Tyrrell, a Vice 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 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.

Contacts
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601
312-224-1391
This email address is being protected from spambots. You need JavaScript enabled to view it.

Chicago, IL – April 29, 2021 – American Street Capital (“ASC”) announced today that it has arranged a $5.95 million cash-out refinance loan for a 56-unit multifamily complex in Augusta, GA.

The city of Augusta is located in northeast Georgia and is home to Augusta National Golf Club, the host of the PGA Tour Masters Tournament.  Built in 1971, the seven building garden style apartment complex consists of 56 individually metered two bedroom units with an average size of 950 square feet.  Additional amenities include 103 surface parking spaces, a common laundry facility, and an on-site leasing office.  The asset was 98 percent occupied at closing.

ASC worked exclusively on behalf of their client to secure the high leverage cash-out refinance loan structured with a non-recourse, 10-year fixed term with one year of interest-only on a 30-year amortization.  The loan was placed with a correspondent CMBS lender.

Edward Streit, a Senior Sales Associate of ASC, originated the loan.  This is the second loan Mr. Streit has closed in Georgia this year.

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 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.

Contacts
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601
312-224-1391
This email address is being protected from spambots. You need JavaScript enabled to view it.