ASC Arranges Cash-Out at Refi for Central Missouri Apartments
American Street Capital (ASC) has secured a $5,968,000 cash-out refinance loan for a 152-unit multifamily located in St. Robert, MO. St. Robert is in central Missouri approximately 132 miles from St. Louis and is home to Fort Leonard Wood, one of five basic training facilities for the U.S. Army.
The two-complex multifamily portfolio consists of one- and two-bedroom apartments, all with individually metered utilities. Additional amenities include 28 attached garages, 356 surface parking spaces, and in-unit laundry. The asset was more than 95% occupied at closing.
The sponsor, a seasoned owner-operator, recently completed his value-add plan on the portfolio. To align with his long-term investment strategy, he requested a sizeable cash-out and a long-term fixed loan. The non-recourse, fully assumable loan was structured with a 10-year fixed term on a 30-year amortization schedule. The loan was placed with a correspondent agency lender.
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).