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Chicago & Midwest  + South Side  + Finance  | 

American Street Capital Lines Up Cash-Out Debt on South Side Portfolio

American Street Capital (ASC) has arranged $15.4 million in permanent loans for the cash-out refinance of a seven-building multifamily portfolio in the South Side’s Bronzeville and Kenwood neighborhoods. The loan was co-originated by ASC’s Igor Zhizhin and Alexander F. Rek.

The sponsor, an experienced owner and operator throughout Chicago, requested a non-recourse, high leverage floating rate loan with maximum proceeds and a flexible pre-payment structure for a dispersed pool of properties.

To ensure the maximum proceeds and flexibility, ASC simultaneously structured seven individual non-recourse loans with a highly competitive spread over the one-month LIBOR, with only a 1% pre-payment penalty.

The properties were all recent acquisitions acquired from long-term owners, and all required significant amenity and management upgrades.

Ownership achieved its business plan and stabilized the properties, offering above-market amenities to both market-rate and subsidy tenants. The portfolio was over 90% occupied at closing.

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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 13-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 15-20 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 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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