American Street Capital arranged a $2.85 million refinance for a 109-unit multifamily complex in Lorain, Ohio.
Built in 1972 and renovated in 2018, the multifamily complex consists of seven two-story buildings on 4.9 acres. Unit mix is broken down into 67 two-bedroom and 42 one-bedroom units with an average unit size of 672 square feet. Additional amenities include an onsite leasing office, laundry facilities, external storage units and 92 surface parking spaces.
The complex was originally acquired through two transactions to assemble the seven contiguous buildings. ASC worked on behalf of the sponsor to structure the five-year fixed non-recourse loan on a 30-year amortization schedule with a correspondent CMBS lender.
The loan was originated by Igor Zhizhin, the President of ASC.
