Chicago, IL – March 24, 2021 – American Street Capital (“ASC”) announced today that it has secured a $14.3 million refinance loan for a 317-unit multifamily portfolio in Macomb, IL.
Built between 2002 and 2005, the portfolio consists of four separate complexes scattered throughout Macomb which is located approximately 75 miles south of the Quad Cities. Macomb is home to Western Illinois University as well as major manufacturers such as Pella Windows and NTN-Bower Corp. The complexes are a mix of both garden and townhouse style buildings comprising one-, two-, three- and four-bedroom apartments. Additional amenities include a swimming pool, clubhouse, fitness center, business center, tenant lounge, basketball court, in-unit laundry, on-site property management and abundant outdoor parking.
American Street Capital worked exclusively on the behalf of the original developer to consolidate the four maturing loans into one cross-collateralized loan. The new loan was structured with a non-recourse 10-year fixed term on a 30-year amortization schedule. The loan was placed with a correspondent CMBS lender.
Igor Zhizhin, the Founder and President of ASC, originated the loan.
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 2020, ASC continued to expand its national footprint and was named a Top Financial Intermediary by Midwest Real Estate News and National Real Estate Investor Magazine.
American Street Capital
121 West Wacker Drive, Suite 2206
Chicago, IL 60601