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Chicago & Midwest  + Illinois + Illinois  + Apartments  |  December 15, 2023
Jasmine Kilman
By: Jasmine Kilman

American Street Capital Secures $4M for 60-Unit MF in Loves Park

American Street Capital (ASC), a Chicago-based national commercial mortgage banking firm, has arranged a $4.2 million cash-out refinance loan for a multifamily complex located in Loves Park, Illinois. Igor Zhizhin, a principal of ASC, originated the loan.

Located 80 miles northwest of the Chicago CBD, Loves Park is a city in Winnebago County bordering Rockford. Built in 1969, the 60-unit multifamily complex consists of eight buildings located on 3.34 acres. The units are made up of one-, two-, and three-bedroom apartments. Additional amenities include 70 surface parking spaces, secure entry, and common laundry facilities.

The sponsor, a seasoned owner-operator in the market, exclusively engaged ASC to facilitate a long-term assumable solution with maximum loan proceeds. ASC utilized its CMBS lending relationships to arrange the non-recourse 10-year fixed-term loan with two years of interest-only payments.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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