Trending Multifamily News
Chicago, IL – May 17, 2022 – American Street Capital (“ASC”) announced today that it has arranged a $3.88 million cash-out refinance for a 57-unit multifamily portfolio located in Chicago, IL.
The sponsor, a seasoned owner operator, wanted to take advantage of historically low interest rates and secure long-term debt to support his investment strategy. The two-building multifamily portfolio located in the South Shore neighborhood of Chicago is comprised of both one- and two-bedroom apartments. The buildings cater to a mix of both market and subsidized tenants providing workforce housing in the area.
The refinances were structured with a 20-yr term consisting of an initial 10-years fixed term followed by a 10-year floating period. The loans featured a non-recourse, fully assumable structure on a 30-year amortization schedule. The loans were placed with a correspondent agency lender.
Alexander F. Rek, a Principal of ASC, originated the loans.
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 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
Contacts
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601
312-224-1391
Chicago, IL – March 22, 2022 – American Street Capital (“ASC”) announced today that it has arranged a $3.2 million cash-out refinance loan for a 33-unit multifamily building in Baltimore, MD.
Located approximately 5 miles west of the Baltimore central business district, the Forest Park neighborhood is primarily residential with proximity to Lake Ashburton. Built in 1940, the three-story multifamily building consists of 33-units with a unit mix of studio, one-, two-, and three-bedroom apartments. The complex was over 97 percent occupied at closing.
ASC was exclusively engaged to arrange the cash-out refinance loan for the asset. The loan structure consisted of a non-recourse, 10-year fixed term with 3-years of interest-only payments. 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 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
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 – January 31, 2022 – American Street Capital (“ASC”) announced today that it has arranged a $3,080,000 cash-out refinance bridge loan for a 100-unit multifamily building in Shaker Heights, OH.
Shaker Heights is an affluent suburb of Cleveland located on the eastern edge of the city limits. The building is within walking distance of Shaker Square a shopping, dining, and entertainment district. The six-story mid-rise multifamily building is composed of 30 studios and 70 one-bedroom apartment, with an average size of 576 square feet. Common amenities include an elevator, common laundry facilities, 82 parking spaces and on-site security.
The sponsor, an active owner operator, requested a high leverage short-term loan to update the asset prior to taking it into long term permanent debt. American Street Capital arranged the 18-month interest-only loan, which provided the necessary proceeds to make the desired improvements. The loan was placed with a correspondent debt fund.
Kyle Tyrrell, a First 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 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
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 – January 18, 2022 – American Street Capital (“ASC”) announced today that it has secured a $4,275,000 acquisition bridge loan for a 180-unit multifamily portfolio in Wichita, KS.
Built in 1941 and recently renovated, the 50-building multifamily complex contains 180 units with a unit mix consisting of studios and one- and two-bedroom apartments. The community is situated on 10.5 acres with additional amenities including onsite management office, laundry facilities, as well as ample parking and green space. The asset was 88 percent occupied at closing.
American Street Capital was exclusively engaged to source the high-leverage acquisition bridge loan for the community in Wichita. ASC structured the bridge loan with a 12 month term consisting of interest-only payments. The loan was placed with a correspondent debt fund.
Kyle Tyrrell, a First 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 2021, ASC launched an office in Tampa, FL and 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
This email address is being protected from spambots. You need JavaScript enabled to view it.
Chicago, IL – January 10, 2022 – American Street Capital (“ASC”) announced today that it has secures a $3.26 million acquisition loan for a 56-unit multifamily complex 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 1976, the seven building multifamily complex located on 2.7 acres and consists of 56 two-bedroom units. The buildings amenities include ample parking and laundry facilities in each building. The complex was over 95 percent occupied at closing.
ASC was exclusively engaged to arrange the acquisition financing for the asset. The loan structure consisted of a non-recourse, 20-year term with 5-years fixed and 1-year of interest-only payments. 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 2021, ASC launched an office in Tampa, FL and 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
This email address is being protected from spambots. You need JavaScript enabled to view it.
Chicago, IL – December 15, 2020 – American Street Capital (“ASC”) announced today that it has secured a $11.45 million permanent loan for a 144-unit multifamily complex in Alsip, IL.
Located approximately 24 miles from the Chicago central business district, Alsip is a southwest suburb with easy access to public transportation and interstate expressways. Built in 1974, the 12 building complex is situated on 5.87 acres and consists of 72 one-bedroom and 72 two-bedroom apartments. Amenities included 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 94 percent occupied at closing.
The sponsor, a seasoned owner operator, acquired the asset in Q1 2020 and immediately began implementing his value-add strategy. Improvements made to the property include new roofs, common areas, siding, unit flooring and kitchens. After completing the reposition, the sponsor exclusively retained ASC to secure the permanent loan. ASC structured the cash-out refinance with a partial recourse, 5-year fixed term on a 30-year amortization schedule. 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 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.
