CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $5,968,000 cash-out refinance loan for a 152-unit multifamily located in St. Robert, Missouri.
St. Robert is in central Missouri approximately 132 miles from St. Louis and is home to Fort Leonard Wood. Fort Leonard Wood is one of five basic training facilities for the United States Army. The two complex multifamily portfolio consists of one- and two bedroom apartments all with individually metered utilities. Additional amenities include 28 attached garages, 356 surface parking spaces, and in-unit laundry. The asset was over 95 percent occupied at closing.
The sponsor, a seasoned owner operator, recently completed his value-add plan on the multi-family portfolio. To align with his long-term investment strategy, he requested a sizeable cash-out and a long term fixed loan. The non-recourse, fully assumable loan was structured with a 10-year fixed term on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
Igor Zhizhin, the 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 2022, ASC was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, and Connect Commercial Real Estate.