IllinoisFinance ASC arranges $15.4 million for Chicago multifamily portfolio refi January 15, 2019 Share on Facebook Share on Twitter Share on LinkedIn Share via email American Street Capital (ASC) has arranged $15.4 million in permanent loans for the cash-out refinance of a seven-building multifamily portfolio located in the Bronzeville and Kenwood neighborhoods of Chicago. The loan was co-originated by Igor Zhizhin and Alexander F. Rek. The sponsor, a seasoned owner and operator throughout Chicago, requested a non-recourse, high leverage floating rate loan with maximum proceeds and a flexible pre-payment structure for a dispersed pool of properties in two South Side neighborhoods. To ensure the maximum proceeds and flexibility, ASC simultaneously structured seven individual non-recourse loans with a highly competitive spread over the 1-month LIBOR with only a 1 percent pre-payment penalty. The properties were all recent acquisitions that the operator acquired from long-term owners that required significant amenity and management upgrades. Ownership successfully achieved their business plan and stabilized the properties offering above-market amenities to market and subsidy tenants. The portfolio was over 90 percent occupied at closing.