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ASC’s Zhizhin Arranges Cash-Out for Omaha Apartments

American Street Capital (ASC) recently arranged a $5.55 million cash-out refinance loan for a 111-unit multifamily complex located in Omaha. The loan was originated by Igor Zhizhin, founder and president of ASC.

In order to avoid agency COVID-19 reserves, ASC utilized its CMBS correspondent relationships to secure the maximum leverage 10-year fixed-rate loan with three years of interest-only on a 30-year amortization schedule. The new 10-year loan will retire the existing HUD debt on the complex.
 
Built in 1968 and located in central Omaha, the complex’s unit mix includes studio, one-, two-, and three-bedroom residences, with updated interiors and private patios or balconies. Amenities at the complex included a swimming pool, onsite laundry facilities, 94 surface parking spaces, and 74 one-car garages.
 
Market rents range from approximately $610 for one-bedroom to $900 for three-bedroom apartments. The asset was 99% occupied at closing.

For comments, questions or concerns, please contact Paul Bubny
 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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