ASC Arranges Cash-Out Loan on Logan Square Multifamily
American Street Capital (ASC) secured an $8.17-million cash-out refinance loan for a 45-unit multifamily building in the North Side’s Logan Square neighborhood. The loan was originated by ASC president and founder Igor Zhizhin.
ASC utilized its correspondent agency relationships to secure a five-year fixed, non-recourse loan on a 30-year amortization schedule for the unidentified borrower. Prior to this transaction, ASC placed the acquisition bridge loan and original permanent debt for the asset.
The courtyard-style multifamily building was originally built in 1928 and recently gut renovated and modernized. The unit mix is composed of one-, two- and three-bedroom apartments with hardwood floors, condo-quality kitchens and sunrooms.
Additional amenities include a large bike storage room, Wi-Fi, and smartphone-controlled common laundry. The property is located half a mile from CTA’s California station.
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).
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