American Street Capital (ASC) has secured a $7.06 million permanent loan for a 45-unit multifamily building in Chicago’s Logan Square. The loan was originated by Igor Zhizhin, the president of ASC.
Located on a prominent boulevard in Logan Square, the courtyard-style multifamily building was originally built in 1928 and recently gut renovated and modernized. The unit mix is composed of one-, two- and three-bedroom apartments with hardwood floors, condo-quality kitchens and sun rooms. Additional amenities comprise a large bike storage room, Wi-Fi and smartphone-controlled common laundry. The subject property is located 0.5 miles from the California mass transit station.
Due to the seller’s timing constraints, the sponsor needed to secure a bridge loan shortly after the execution of the purchase contract. ASC utilized its correspondent agency relationships to secure a 12-month, non-recourse, interest-only bridge loan which was later converted to a 10-year fixed loan on a 30-year amortization schedule.