American Street Capital secured $6.65 million in acquisition financing for a seven story, 30-unit multifamily portion of a mixed-use property in Chicago.
ASC worked exclusively on behalf of the sponsor to secure an acquisition loan for the multi-family property located in the South Loop neighborhood of Chicago. The recently fully-renovated condo quality amenity building contained a unit mix of one and two bedroom units.
In order to meet their yield requirement the sponsor required a long term, non-recourse, assumable loan on a 30-year amortization schedule with a rate below 4 percent.
ASC met the sponsor’s request with a 15-year fixed term, non-recourse, and fully assumable loan on a 30-year amortization schedule with a correspondent life insurance company lender.
The loan was originated by Igor Zhizhin, the President of ASC.
