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Chicago & Midwest  + Greater Chicagoland  + Finance  | 

American Street Provides Bridge Loan on Alsip Multifamily

American Street Capital (ASC) secured a $10.92-million bridge loan for a 144-unit multifamily complex in Alsip, IL, about 25 miles southwest of downtown Chicago. The loan was originated by ASC president Igor Zhizhin.

Deshe Real Estate, the property’s owner-operator, requested a high-leverage bridge loan to implement its value-add strategy and capitalize on below-market rents. ASC was able to source a non-recourse, interest-only, institutional bridge loan with a three-year term at 90% loan-to-cost. The loan was placed with a correspondent balance sheet lender.

Built in 1974, the 12-building Alsip complex is situated on 5.87 acres and consists of 72 one-bedroom and 72 two-bedroom apartments. Amenities included 288 surface parking spaces, common laundry facilities and tenant storage units.  The asset was 95% occupied at closing.

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For comments, questions or concerns, please contact Paul Bubny

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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 16-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 7-10 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 GlobeSt.com 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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