American Street Capital (ASC) has secured $9.64 million in permanent debt for a 149-unit, scattered site multifamily portfolio in the Chicago suburb of Oak Forest, Illinois. Located approximately 24 miles from the Chicago central business district, Oak Forest is a southern suburb with easy access to public transportation and interstate expressways.
The portfolio is composed of three scattered, non-contiguous multifamily complexes totaling 149 units consisting of one-, two- and three-bedroom apartments. All three complexes provide additional amenities including adequate surface parking and common laundry facilities.
The sponsor, a seasoned owner and operator throughout Chicago, required a non-recourse, high-leverage loan with maximum proceeds and a flexible prepayment structure. To ensure maximum proceeds and disposition flexibility, American Street Capital simultaneously structured three individual non-recourse loans with competitive spreads. The loans were placed with a correspondent agency lender.
The loans were originated by Igor Zhizhin, the President of ASC.
