American Street Capital (ASC), a commercial mortgage banking firm based in Chicago, has successfully arranged a $4.2 million cash-out refinance loan for a multifamily complex in Loves Park, Illinois. The loan was originated by ASC’s principal, Igor Zhizhin.
Loves Park is located 80 miles northwest of downtown Chicago and is part of Winnebago County near Rockford. The multifamily complex was built in 1969 and consists of eight buildings on 3.34 acres with a total of 60 units ranging from one to three bedrooms. Amenities include secure entry, common laundry facilities, and ample surface parking with space for up to 70 vehicles.
The sponsor behind the project is an experienced owner-operator within the market who exclusively chose ASC to assist them in securing a long-term assumable solution that would provide maximum loan proceeds. Through its strong relationships with CMBS lenders, ASC was able to arrange a non-recourse fixed-term loan for ten years with two years of interest-only payments.
This successful transaction highlights American Street Capital’s expertise and capabilities as they continue to facilitate financing solutions for their clients across various markets nationwide.
