American Street Capital has arranged a $9,450,000 cash-out refinance for a light industrial portfolio located in Chicago.
The first of the two deals include a $6,090,000 cash-out refinance loan for a 102,850 square foot two-story light industrial building located on Chicago’s west side. The property includes interior and exterior docks, drive-in bays, 16-foot ceilings, new mechanicals and 120 onsite parking spaces.
The second is a $3,360,000 cash-out refinance loan for a 90,975 square foot, light industrial property located in the same industrial corridor. Located on 4 acres, the property consists of two adjacent buildings and a large parking lot. The property’s amenities include interior loading docks, drive-in bays, recently renovated restrooms, and ample parking. Both spaces cater to uses such as storage, wholesale, distribution and manufacturing.
The sponsors exclusively retained American Street Capital to secure the high leverage, cash-out loans for the buildings. ASC structured both loans with a five-year term on a 25-year amortization schedule with a 3, 2, 1, 0, 0 percent pre-payment penalty. The loans were placed with a correspondent bank lender.
ASC Founder and President Igor Zhizhin originated the loans.