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ASC Furnishes Bridge Loan for Wichita Portfolio
American Street Capital (ASC) has secured a $4,275,000 acquisition bridge loan for a 180-unit multifamily portfolio in Wichita, KS. Kyle Tyrrell, a first VP of ASC, originated the loan.
ASC was exclusively engaged by the undisclosed borrower to source the high-leverage acquisition bridge loan for the community in Wichita. Chicago-based ASC structured the bridge loan with a 12-month term consisting of interest-only payments. The loan was placed with a correspondent debt fund.
Built in 1941 and recently renovated, the 50-building multifamily complex contains 180 units with a unit mix consisting of studios and one- and two-bedroom apartments. The community is situated on 10.5 acres with additional amenities including an onsite management office, laundry facilities, ample parking and green space. The asset was 88% occupied at closing.
- ◦Financing


