American Street Capital (ASC) announced today that it has arranged a $3,938,000 cash-out refinance loan for a 32-unit multifamily building in Chicago’s Logan Square.
Built in 1926 and located in the heart of Logan Square, the building is within walking distance of the neighborhoods shopping, dining, and entertainment. The three-story multifamily building is composed of six studios, 24 one- and two, two-bedroom apartments, with an average size of 600 square feet. Additional amenities include secure entry, bike storage and common laundry. The asset was 100% occupied at closing.
The sponsor, a seasoned owner operator, requested a long term fixed loan to support his investment horizon. American Street Capital arranged the non-recourse, 20-year loan term consisting of 10-years fixed and 10-years floating on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
The loan was originated by ASC Founder and President Igor Zhizhin.
