American Street Capital (ASC) secured a $10.24 million acquisition loan for a multifamily community located in Burbank, IL. The loan was originated by ASC president Igor Zhizhin.
Built in 1983, the multifamily community consists of 27 simplex style buildings containing 173 units on 6.31 acres. The unit mix includes 87 one-bedroom and 86 two-bedroom units, with an average size of 952 square feet.
Additional amenities included on-site management, 300 parking spaces, in-unit mechanicals, and in-unit laundry. This is the first time the property has traded since it was built.
Deshe Real Estate retained American Street Capital to source the high-leverage acquisition loan for the community. ASC secured the partial recourse seven-year fixed term on a 30-year amortizations schedule with one year of interest-only payments. The loan was placed with a correspondent bank.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.