ASC Funds First $1M Bridge Loan for Mixed-Use Building in Chicago
American Street Capital has announced the funding of a $1 million bridge loan for the acquisition of a 7-unit mixed-use building in Chicago, IL.
Chicago, IL, October 13, 2022 --(PR.com)-- American Street Capital (“ASC”) has announced the funding of a $1 million bridge loan for the acquisition of a 7-unit mixed-use building in Chicago, IL.
Located in the Rogers Park neighborhood of northern Chicago, the mixed-use asset is directly next door to a CTA Brown line stop and in proximity to Lake Shore Drive. The two-story building contains 5 retail units occupied by various neighborhood merchants and two apartments.
The out of state seller required the buyer to close within 3 weeks or lose their earnest money. The first time commercial real estate buyer required closing assurance, limited pre-payment and a pre-approval from a conventional lender prior to proceeding. The first lien mortgage was provided by ASC SBL at the request loan amount, on the request closing date, and without a pre-payment penalty. This was the first of its proprietary bridge fund that launched earlier this month. ASC’s mortgage banking division successfully refinanced the loan with a commercial bank correspondent in exactly 30 days with a cash out and a 5-year term at a market competitive rate.
Both loans were originated by Igor Zhizhin, the President of ASC.
About American Street Capital
American Street Capital (“ASC”) is a Chicago-based national commercial mortgage banking firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multifamily, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail, office, owner-occupied properties, and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative, customized approach to sourcing commercial real estate debt that is unique among its competitors. Focusing primarily on the more challenging transactions in the small balance segment for loans up to $50MM, ASC has established a national reputation of offering best in class customer service and loan structures that historically were exclusively available to large balance institutional clients. Further information is available at www.amstcap.com. In 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
Located in the Rogers Park neighborhood of northern Chicago, the mixed-use asset is directly next door to a CTA Brown line stop and in proximity to Lake Shore Drive. The two-story building contains 5 retail units occupied by various neighborhood merchants and two apartments.
The out of state seller required the buyer to close within 3 weeks or lose their earnest money. The first time commercial real estate buyer required closing assurance, limited pre-payment and a pre-approval from a conventional lender prior to proceeding. The first lien mortgage was provided by ASC SBL at the request loan amount, on the request closing date, and without a pre-payment penalty. This was the first of its proprietary bridge fund that launched earlier this month. ASC’s mortgage banking division successfully refinanced the loan with a commercial bank correspondent in exactly 30 days with a cash out and a 5-year term at a market competitive rate.
Both loans were originated by Igor Zhizhin, the President of ASC.
About American Street Capital
American Street Capital (“ASC”) is a Chicago-based national commercial mortgage banking firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multifamily, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail, office, owner-occupied properties, and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative, customized approach to sourcing commercial real estate debt that is unique among its competitors. Focusing primarily on the more challenging transactions in the small balance segment for loans up to $50MM, ASC has established a national reputation of offering best in class customer service and loan structures that historically were exclusively available to large balance institutional clients. Further information is available at www.amstcap.com. In 2021, ASC launched an office in Tampa, FL and was named a Top Financial Intermediary by Multi-Housing News, Midwest Real Estate News, Connect Commercial Real Estate and Commercial Property Executive.
Contact
American Street Capital
Alexander F. Rek
312-224-1391
www.amstcap.com
Alexander F. Rek
312-224-1391
www.amstcap.com
Contact
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