American Street Capital (ASC) has secured a $6.6 million cash-out refinance loan for a 60-unit multifamily building in Naperville, Illinois.
Built in 1986, the three-story complex consists of 60 two-bedroom/two-bathroom apartments with an average unit size of 1,082 square feet. Additional amenities include 127 parking spaces and common laundry facilities. The asset was 100 percent occupied at closing.
The sponsor group, a long-standing client of ASC, requested a high-leverage, cash-out refinance in order to facilitate a partner buyout. Due to the COVID-19 principal and interest reserves required by the government agencies, ASC redirected the loan from an agency to a CMBS lender. During the ongoing COVID-19 pandemic, ASC was able to secure the non-recourse, 10-year, fixed loan on a 30-year amortization without any additional reserves or hold backs.
The loan was originated by Igor Zhizhin, the founder and president of ASC.