American Street Capital has secured a $4,275 million acquisition bridge loan for a 180-unit multifamily portfolio in Wichita, Kansas.
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 and 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.
