American Street Capital (“ASC”) 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.
