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.
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.
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