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.