American Street Capital (ASC) has arranged $5.15 million for the refinancing of an 18-unit multifamily property in Chicago. The loan was originated by Igor Zhizhin, the president of ASC.
ASC worked exclusively on behalf of the sponsor to secure a fixed-rate and term-refinance loan for a multifamily property in the Andersonville community of Chicago. The subject property was acquired in 2010 and fully remodeled by 2012 offering best-in-class, condo-quality amenities including a heated indoor parking garage, elevator, fitness center, party room and rooftop deck. The asset was 100 percent occupied at closing.
The sponsor, an existing client, was approaching the maturity of his original five-year, fixed term and wanted to capitalize on historically low interest rates. ASC structured the non-recourse, 20-year term consisting of 10 years fixed and 10 years floating on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.