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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.
- ◦Financing
