American Street Capital (ASC) has arranged a $3.12 million permanent loan for a light industrial park located in Melrose Park, Illinoia.
Built in 1951, the two story, 255,565-square-foot industrial building is situated on 7.56 acres and was recently repositioned from a single-tenant to multiple-tenant building. Additional amenities include 14-foot ceilings, six loading docks, two grade-level doors and ample parking surrounding the building. Melrose Park is a western suburb of Chicago located 14 miles from the central business district. The loan was originated by Igor Zhizhin, the President of ASC.
The loan request required a sizeable cash out, a significant interest rate reduction and with maximum pre-payment flexibility. This was a challenge because of a limited history of stabilization, local tenants with short-term leases and reduced lending options due to COVID-19. Utilizing a correspondent bank with a strong commitment to the area and asset class, ASC successfully secured a new loan which consisted of a partial-recourse, seven-year, fixed term on a 25-year amortization schedule.
“We appreciate the relationship with ASC to help identify an aggressive lender for Ruby during the challenges of finding a competitive solution during COVID,” said Sharone Lavi, the principal of Urban Real Estate Investments. “Over the past four years they have been very helpful in placing debt that has supported our growth strategy.”