American Street Capital (ASC) has secured a $4.95 million permanent acquisition loan for an 85-unit multifamily building located in Chicago’s Marquette Park neighborhood.
Encompassing an entire block of Marquette Avenue, the three-story, courtyard-style building was constructed in 1928 and renovated in 2019. It is located on Chicago’s southwest side in close proximity to public transportation and Chicago’s Midway airport. The building’s unit mix consists of 74 one-bedroom and 11 two-bedroom apartments with a combination of market and subsidy tenants. The asset was 92 percent occupied at closing.
The seasoned local owner operator requested a maximum leverage acquisition loan in a challenging neighborhood during the ongoing COVID-19 pandemic. Utilizing its correspondent agency relationships, ASC was able to secure a high-leverage, 20-year term consisting of five years fixed and 15 years floating with one year of interest only.
The loan was originated by Igor Zhizhin, the founder and president of ASC.