Trending Multifamily News

American Street Capital Secures $14M Refinance for Multifamily Portfolio in Macomb, IL

American Street Capital Secures $14M Refinance for Multifamily Portfolio in Macomb, IL

Chicago, IL – March 24, 2021 – American Street Capital (“ASC”) announced today that it has secured a $14.3 million refinance loan for a 317-unit multifamily portfolio in Macomb, IL.

Built between 2002 and 2005, the portfolio consists of four separate complexes scattered throughout Macomb which is located approximately 75 miles south of the Quad Cities.  Macomb is home to Western Illinois University as well as major manufacturers such as Pella Windows and NTN-Bower Corp.  The complexes are a mix of both garden and townhouse style buildings comprising one-, two-, three- and four-bedroom apartments.  Additional amenities include a swimming pool, clubhouse, fitness center, business center, tenant lounge, basketball court, in-unit laundry, on-site property management and abundant outdoor parking.

American Street Capital worked exclusively on the behalf of the original developer to consolidate the four maturing loans into one cross-collateralized loan.  The new loan was structured with a non-recourse 10-year fixed term on a 30-year amortization schedule.  The loan was placed with a correspondent CMBS lender.

Igor Zhizhin, the Founder and 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
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ASC Arranges $8 million for Multifamily Portfolio in Kenosha, WI

ASC Arranges $8 million for Multifamily Portfolio in Kenosha, WI

Chicago, IL – March 1, 2021 – American Street Capital (“ASC”) announced today that it has arranged a $8.02 million acquisition loan for a 108-unit multifamily portfolio in Kenosha, WI.

Located approximately 66 miles from the Chicago central business district, Kenosha is one of the southernmost cities in Wisconsin.  In recent years, it has become a Midwest fulfillment and distribution hub for Amazon who occupies a 1.6 million square foot state-of-the-art facility in the city.  Since the facility opened in 2017, Kenosha has experienced extensive economic growth.

Built in the early 1970s, the portfolio consists of townhouse and center entrance buildings with a unit mix of one-, two- and three-bedroom apartments.  Both complexes’ amenities include separately metered mechanicals, abundant parking, laundry facilities and secured entry.  Due to the scarcity of workforce housing in the area, both complexes were more than 95 percent occupied at closing.

American Street Capital was exclusively engaged to place the acquisition financing for the portfolio.  The loan was structured with a non-recourse, 7-year fixed term with two years of interest-only payments on 30-year amortization schedule.  The loan was placed with a correspondent agency lender.

Igor Zhizhin, the Founder and 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.

American Street Capital arranges $8.1 million for Multifamily Complex in Riverdale, GA

American Street Capital arranges $8.1 million for Multifamily Complex in Riverdale, GA

Chicago, IL – February 16, 2021 – American Street Capital (“ASC”) announced today that it has arranged an $8.1 million cash-out refinance loan for a 150-unit multifamily complex in Riverdale, GA.

Located approximately 13 miles from the Atlanta central business district, Riverdale is a southern suburb with proximity to Hartfield-Jackson Atlanta International Airport.  Built in 1972 and renovated in 2019, the 20-building community is situated on 13.91 acres and consists of 110 two-bedroom and 40 three-bedroom apartments.  Additional amenities include 276 surface parking spaces, a common laundry facility, playground and an on-site property manager.

ASC worked exclusively on behalf of their client to secure the high leverage cash-out refinance loan structured with a non-recourse, 12-year fixed term with two years of interest-only on a 30-year amortization.  The loan was placed with a correspondent agency lender and retired the existing agency debt.

Edward Streit, a Senior Sales Associate 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.

ASC Secures $10.24 million Acquisition Loan for Multifamily Community in Burbank, IL

ASC Secures $10.24 million Acquisition Loan for Multifamily Community in Burbank, IL

Chicago, IL – January 6, 2021 – American Street Capital (“ASC”) announced today that it has secured a $10.24 million acquisition loan for a multifamily community located in Burbank, IL.

Built in 1983, the multifamily community consists of 27 simplex style buildings containing 173 units on 6.31 acres.  The unit mix comprises of 87 one-bedroom and 86 two-bedroom units with an average size of 952 square feet.  Additional amenities included on-site management, 300 parking spaces, in-unit mechanicals, and in-unit laundry.  Burbank is a southwestern suburb of Chicago and is approximately 15 miles from the central business district.  This is the first time the property has traded since it was built.

Deshe Real Estate exclusively retained American Street Capital to source the high leverage acquisition loan for the community.  ASC secured the partial recourse 7-year fixed term on a 30 year amortizations schedule with one year of interest-only payments.  The loan was placed with correspondent bank.

The loan was originated by Igor Zhizhin, the President 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 2019, ASC celebrated its 10th anniversary 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.

ASC Arranges $2.94 million Acquisition Loan for Multifamily in Mississippi

ASC Arranges $2.94 million Acquisition Loan for Multifamily in Mississippi

Chicago, IL – October 28, 2020 – American Street Capital (“ASC”) announced today that it has arranged a $2.94 million acquisition loan for a 120-unit multifamily community in Gulfport, Mississippi.

Ideally located within close proximity to the region’s largest employers and the beach, the two-story townhouse style complex was built in 1970 and renovated in 2015.  The amenity rich complex includes ample surface parking, saltwater swimming pool, laundry building, playground, and leasing office situated on 8.6 acres.  The assets unit mix includes 10 one-, and 110 two-bedroom apartments with recent upgrades to the kitchens and bathrooms.

Due to the Covid-19 pandemic, the sponsor group was allowed additional time to identify and close the transaction using a 1031 exchange.  The group required a long term loan with an expeditious closing to meet the 1031 deadline.  American Street Capital arranged the non-recourse, 12-year fixed term on a 30-year amortization schedule with a declining pre-payment penalty.  The loan was placed with a correspondent agency lender.

The loan was originated by Kyle Tyrrell, a Vice President of ASC.  This is the second transaction that Mr. Tyrrell has closed in Mississippi 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 2019, ASC celebrated its 10th anniversary 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.

ASC Closes $2.45 million Refinance for Multifamily in South Shore

ASC Closes $2.45 million Refinance for Multifamily in South Shore

Chicago, IL – June 4, 2020 – American Street Capital (“ASC”) announced today that it has secured a $2.45 million cash-out refinance loan for a 52-unit multi-family building in Chicago, IL.

The sponsor, a seasoned owner and operator throughout Chicago, requested a significant cash-out with flexible pre-payment with less than 6 months of stabilization in the transitional South Shore neighborhood during the very challenging lending environment due to COVID-19.  To ensure the maximum proceeds and flexibility, ASC structured an initial cash out with the ability for additional proceeds to be released once COVID-19 restrictions are lifted. The loan included a highly competitive fixed five-year rate, 30-year amortization, limited closing costs, with only 4 years of pre-payment penalty.

Located in Chicago’s South Shore neighborhood, the five-story multi-family building was built in 1970 and underwent a complete gut renovation in 2018.  The renovations included building exterior, common areas, mechanicals, kitchens and bathrooms as well as the addition of a penthouse resident lounge.  The unit mix is composed of studio, one- and two-bedroom apartments with an average unit size of 656 square feet.  Additional amenities included 38 surface parking spaces, common laundry, storage, key card entry and complimentary WIFI and cable for its market and subsidy tenants.  The asset was 97 percent occupied at closing.

The loan was originated by Igor Zhizhin, the Founder and President 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 2019, ASC celebrated its 10th anniversary 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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