CHICAGO, IL - American Street Capital (“ASC”) announced today that it has arranged $1.38 million in acquisition financing for a 7-unit mixed use property located in Chicago, IL. The transaction closed in September, 2017.
ASC worked exclusively on behalf of the sponsor to secure the permanent loan for the mixed-use building located in the Rogers Park neighborhood of Chicago. The retail portion of the building was recently leased and built out for a franchisee of a national fitness company with over 2,700 locations in 19 countries. The residential portion of the building consists of six units with a mix of 2 and 3 bedrooms. Additional amenities include condo quality finishes, large rear decks, individual unit mechanicals and six outdoor parking spaces.
ASC facilitated a 10-year fixed loan term on a 30-year amortization schedule with a step down prepayment penalty and a non-recourse structure. The loan was funded by a correspondent CMBS lender.
The loan was originated by Alexander F. Rek, the Director of Operations of ASC.
About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial real estate finance firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multi-family, 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. Follow American Street Capital on Twitter @AmericanStCap.