American Street Capital (ASC) has secured a $3,895,000 cash-out refinance loan for a 160-unit multifamily complex located in Mahomet, Illinois.
Mahomet is located approximately 142 miles from Chicago. The 10.9-acre multi-family complex was built in 1972 and recently renovated. The eight residential buildings include a mix of one-, two-, and three-bedroom apartments. Additional amenities include a clubhouse consisting of a leasing office and laundry facilities as well as 168 surface parking spots. The asset was over 95% occupied at closing.
The sponsor, a legacy client, requested a long-term fixed loan to meet his investment horizon. American Street Capital structured the non-recourse, assumable loan which included a 10-year fixed term with five years of interest-only payments. The loan was placed with a correspondent agency lender.
Igor Zhizhin, the President of ASC, originated the loan.
