American Street Capital (ASC) has secured a $4,275,000 acquisition bridge loan for a 180-unit multifamily portfolio in Wichita, KS. Kyle Tyrrell, a first VP of ASC, originated the loan.
ASC was exclusively engaged by the undisclosed borrower to source the high-leverage acquisition bridge loan for the community in Wichita. Chicago-based ASC structured the bridge loan with a 12-month term consisting of interest-only payments. The loan was placed with a correspondent debt fund.
Built in 1941 and recently renovated, the 50-building multifamily complex contains 180 units with a unit mix consisting of studios and one- and two-bedroom apartments. The community is situated on 10.5 acres with additional amenities including an onsite management office, laundry facilities, ample parking and green space. The asset was 88% occupied at closing.
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).