American Street Capital has arranged $1.13 million in financing for a 6-unit multi-family property in Chicago, IL. The transaction closed in March, 2015.
ASC worked exclusively on behalf of their client to secure an acquisition loan for a recently remodeled multi-family property in the East Village community of Chicago. The challenge was that for most secondary market lenders the combination of loan size and the very short history of stabilization at the property made the transaction not eligible to receive the type of loan the sponsor required. In order to proceed with the purchase, the sponsor had requested a competitively priced, higher leverage, non-recourse ARM structure loan without a short-term balloon. As one of the few local mortgage bankers given an opportunity to actively promote the recently launched Freddie Mac Small Balance Loan (“SBL”) program, ASC was able to successfully meet the rate, structure, and term needs of the client with a correspondent agency lender.
The loan was originated by Igor Zhizhin, the President of ASC.
