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Chicago & Midwest  + Greater Chicagoland  + Finance  | 

American Street Secures Cash-Out for Naperville Multifamily

American Street Capital (ASC) secured a $6.6-million cash-out refinance loan for a 60-unit multifamily building in Naperville, IL. The loan was originated by ASC founder Igor Zhizhin.

The sponsor group, a longstanding ASC client, requested a high-leverage cash-out in order to facilitate a partner buyout. Due to the COVID-19 principal and interest reserves required by the government agencies, ASC redirected the loan from an agency to a CMBS lender.  ASC was able to secure the non-recourse 10-year fixed loan on a 30-year amortization without any additional reserves or holdbacks.

Built in 1986, the three-story complex consists of 60 two-bedroom and two-bathroom apartments with an average unit size of 1,082 square feet. 

Additional amenities include 127 parking spaces and common laundry facilities. The asset was 100% 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 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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