American Street Capital has secured a $5.968 million cash-out refinance loan for a 152-unit multifamily property in St. Robert, Missouri.
St. Robert is in central Missouri about 132 miles from St. Louis and is home to Fort Leonard Wood. The two complex multifamily portfolio consists of one- and two-bedroom apartments all with individually metered utilities. Additional amenities include 28 attached garages, 356 surface parking spaces and in-unit laundry. The asset was more than 95% occupied at closing.
The sponsor, a seasoned owner operator, recently completed his value-add plan on the multifamily portfolio. To align with his long-term investment strategy, he requested a sizeable cash-out and a long term fixed loan. The non-recourse, fully assumable loan was structured with a 10-year fixed term on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
Igor Zhizhin, president of ASC, originated the loan.