CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $3.7 million cash-out refinance loan for a 25-unit multifamily building in Chicago, IL.
Built in 1927 and renovated in 2019, the four-story multifamily courtyard building’s unit mix is composed of one-, two-, and three-bedroom apartments with condo quality finishes. After acquiring the asset, the sponsor performed numerous improvements including new kitchens, bathrooms, flooring, common areas, plumbing and mechanicals. Additional amenities include secured entry, a new laundry room and storage. The asset was 100 percent occupied at closing.
American Street Capital exclusively represented the sponsor to secure the high leverage, non-recourse cash-out refinance loan for the multifamily building. The loan was structured with a 10-year fixed term, with one year of interest-only payments on a 30-year amortizations schedule. ASC placed the loan with a correspondent agency lender.
The loan was originated by Alexander F. Rek, a Principal 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.