American Street Capital in Cash-Out Refi for Chicago Industrial Properties
American Street Capital (ASC) has arranged a $9,450,000 cash-out refinance for a light industrial portfolio located in Chicago, ASC announced in a press release.
The sponsors exclusively retained ASC to secure the high leverage, cash-out loans for the buildings. ASC structured both loans with a 5-year term on a 25-year amortization schedule with a 3, 2, 1, 0, 0 percent pre-payment penalty. The loans were placed with a correspondent bank lender. Igor Zhizhin, the Founder and President of ASC, originated the loans.
The first of the two deals include a $6,090,000 cash-out refinance loan for a 102,850-square-foot, two-story light industrial building located on Chicago’s West Side. The second is a $3,360,000 cash-out refinance loan for a 90,975-square-foot, light industrial property located in the same industrial corridor.
Located on 4 acres, the property consists of two adjacent buildings and a large parking lot. The property’s amenities include interior loading docks, drive-in bays, recently renovated restrooms, and ample parking. Both spaces cater to uses such as storage, wholesale, distribution, and manufacturing.