American Street Capital (“ASC”) has arranged $1.45 million in financing for two investment commercial condominium properties located in downtown Chicago’s River North area. The transaction closed in July 2015.
ASC worked exclusively on behalf of their client to secure a short-term bridge loan with a correspondent private equity lender. The properties were rented investment commercial condominiums with the sponsor having minority ownership in the vertically subdivided building.
The client required a significant cash out in a short period of time to consolidate his personal and corporate obligations. The bridge loan was structured with no lock out or pre-payment penalty to allow for a conventional refinance within several months of closing on the bridge loan.
The loan was originated by Igor Zhizhin, the President, of ASC.
