American Street Capital arranged $10.575 million in loan financing for a predominantly office flex investment property in the Fulton Market neighborhood of Chicago.
ASC worked exclusively on behalf of its local client to secure a cash-out refinance with its correspondent commercial bank relationship. The subject property is roughly 90,000 square feet with 2.33 acres of land offering office, warehouse and showroom spaces including over 170 parking spaces.
The property was extensively renovated in 2020 and offers a common area roof space, tenant lounge, one passenger and two freight elevators, exposed brick walls, glass paneling, multiple secure loading docks, and a gated parking lot.
The client had a maturing loan and was looking for a very competitive rate and pre-payment flexibility in a challenging lending environment for office properties. ASC secured a 10-year term with a 5-year fixed and 5-year fixed reset, 2.35% initial spread, 2% prepayment waived with an internal refinance, and a reduced 0.25% origination fee.
Igor Zhizhin, a Principal of ASC, originated the loan.
