Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect Daily to stay informed and save time. Connect Daily is our email publication that provides you with the latest and most relevant CRE stories of the day all in 150 words or less.

Sub Markets

Property Sectors


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.

Connect With ASC

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny


Inside The Story

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.
  • ◦Financing
New call-to-action