American Street Capital (“ASC”) announced today that it has arranged $12 million in financing for a 39-unit mixed-use building in Chicago, IL.
Located in the Lakeview area of Chicago, the property is in proximity to mass transportation, Lake Michigan, and Wrigley Field. Built in 2019, the mixed-use asset consists of two retail spaces and 37 apartments. In 2015, the Transit Oriented Development ”TOD” ordinance was passed in Chicago and allowed developers to decrease or even eliminate parking requirements for new developments within 1,320 feet of a mass transit hub. This development is one of the first in the immediate submarket to capitalize on the new zoning.
American Street Capital leveraged its extensive correspondent lender relationships to create a competitive environment for its Sponsor to secure the highest proceeds and best rate and term for the trophy asset. The loan was structured with a partial recourse 5-year fixed term, sub-4% interest rate on a 30-year amortization schedule. The loan was placed with a national bank lender.
The loan was originated by Igor Zhizhin, the President and Founder of ASC.