American Street Capital (ASC) has secured a $10.24 million acquisition loan for a multifamily community located in Burbank, Illinois. The loan was originated by Igor Zhizhin, the president of ASC.
Deshe Real Estate exclusively retained ASC to source the high-leverage acquisition loan for the community. ASC secured the partial recourse, seven-year fixed term on a 30-year amortizations schedule with one year of interest-only payments. The loan was placed with correspondent bank.
Built in 1983, the multifamily community consists of 27 simplex-style buildings containing 173 units on 6.31 acres. The unit mix comprises of 87 one-bedroom and 86 two-bedroom units with an average size of 952 square feet. Additional amenities included on-site management, 300 parking spaces, in-unit mechanicals and in-unit laundry. Burbank is a southwestern suburb of Chicago and is approximately 15 miles from the central business district. This is the first time the property has traded since it was built.